ELI LILLY & Co — Director's Dealing 2004

May 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-05-05

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-05	1-Common Stock	S	1000.0000	$75.8400	Disposed	153094804.0000	Direct
2004-05-05	2-Common Stock	S	600.0000	$75.7800	Disposed	153094204.0000	Direct
2004-05-05	3-Common Stock	S	600.0000	$75.7300	Disposed	153093604.0000	Direct
2004-05-05	4-Common Stock	S	1100.0000	$75.7200	Disposed	153092504.0000	Direct
2004-05-05	5-Common Stock	S	1600.0000	$75.7000	Disposed	153090904.0000	Direct
2004-05-05	6-Common Stock	S	1000.0000	$75.6900	Disposed	153089904.0000	Direct
2004-05-05	7-Common Stock	S	1000.0000	$75.6800	Disposed	153088904.0000	Direct
2004-05-05	8-Common Stock	S	600.0000	$75.6700	Disposed	153088304.0000	Direct
2004-05-05	9-Common Stock	S	4000.0000	$75.6500	Disposed	153084304.0000	Direct
2004-05-05	10-Common Stock	S	3100.0000	$75.6400	Disposed	153081204.0000	Direct
2004-05-05	11-Common Stock	S	1400.0000	$75.6300	Disposed	153079804.0000	Direct
2004-05-05	12-Common Stock	S	3500.0000	$75.6200	Disposed	153076304.0000	Direct
2004-05-05	13-Common Stock	S	2600.0000	$75.6100	Disposed	153073704.0000	Direct
2004-05-05	14-Common Stock	S	1900.0000	$75.6000	Disposed	153071804.0000	Direct
2004-05-05	15-Common Stock	S	700.0000	$75.5900	Disposed	153071104.0000	Direct
2004-05-05	16-Common Stock	S	3100.0000	$75.5800	Disposed	153068004.0000	Direct
2004-05-05	17-Common Stock	S	2200.0000	$75.5600	Disposed	153065804.0000	Direct
2004-05-05	18-Common Stock	S	3300.0000	$75.5500	Disposed	153062504.0000	Direct
2004-05-05	19-Common Stock	S	1500.0000	$75.5400	Disposed	153061004.0000	Direct
2004-05-05	20-Common Stock	S	3300.0000	$75.5300	Disposed	153057704.0000	Direct
2004-05-05	21-Common Stock	S	4900.0000	$75.5200	Disposed	153052804.0000	Direct
2004-05-05	22-Common Stock	S	600.0000	$75.5100	Disposed	153052204.0000	Direct
2004-05-05	23-Common Stock	S	11300.0000	$75.5000	Disposed	153040904.0000	Direct
2004-05-05	24-Common Stock	S	1100.0000	$75.4900	Disposed	153039804.0000	Direct
2004-05-05	25-Common Stock	S	3500.0000	$75.4800	Disposed	153036304.0000	Direct
2004-05-05	26-Common Stock	S	3000.0000	$75.4700	Disposed	153033304.0000	Direct
2004-05-05	27-Common Stock	S	1000.0000	$75.4600	Disposed	153032304.0000	Direct
2004-05-05	28-Common Stock	S	3500.0000	$75.4500	Disposed	153028804.0000	Direct
2004-05-05	29-Common Stock	S	1600.0000	$75.4400	Disposed	153027204.0000	Direct
2004-05-05	30-Common Stock	S	1000.0000	$75.4300	Disposed	153026204.0000	Direct