ELI LILLY & Co — Director's Dealing 2004

May 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-05-03

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-03	31-Common Stock	S	4400.0000	$74.6300	Disposed	153122904.0000	Direct
2004-05-03	32-Common Stock	S	2200.0000	$74.6200	Disposed	153120704.0000	Direct
2004-05-03	33-Common Stock	S	5500.0000	$74.6100	Disposed	153115204.0000	Direct
2004-05-03	34-Common Stock	S	1900.0000	$74.6000	Disposed	153113304.0000	Direct
2004-05-03	35-Common Stock	S	4400.0000	$74.5900	Disposed	153108904.0000	Direct
2004-05-03	36-Common Stock	S	2200.0000	$74.5800	Disposed	153106704.0000	Direct
2004-05-03	37-Common Stock	S	3000.0000	$74.5600	Disposed	153103704.0000	Direct
2004-05-03	38-Common Stock	S	2200.0000	$74.5500	Disposed	153101504.0000	Direct
2004-05-03	39-Common Stock	S	1900.0000	$74.5400	Disposed	153099604.0000	Direct
2004-05-03	40-Common Stock	S	1100.0000	$74.5300	Disposed	153098504.0000	Direct
2004-05-03	41-Common Stock	S	2200.0000	$74.5200	Disposed	153096304.0000	Direct
2004-05-03	42-Common Stock	S	500.0000	$74.4700	Disposed	153095804.0000	Direct