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	1-Common Stock	S	3300.0000	$74.9800	Disposed	153242504.0000	Direct
2004-05-03	2-Common Stock	S	3300.0000	$74.9700	Disposed	153239204.0000	Direct
2004-05-03	3-Common Stock	S	2200.0000	$74.9600	Disposed	153237004.0000	Direct
2004-05-03	4-Common Stock	S	6600.0000	$74.9500	Disposed	153230404.0000	Direct
2004-05-03	5-Common Stock	S	1100.0000	$74.9400	Disposed	153229304.0000	Direct
2004-05-03	6-Common Stock	S	1100.0000	$74.9200	Disposed	153228204.0000	Direct
2004-05-03	7-Common Stock	S	2200.0000	$74.9100	Disposed	153226004.0000	Direct
2004-05-03	8-Common Stock	S	1100.0000	$74.9000	Disposed	153224904.0000	Direct
2004-05-03	9-Common Stock	S	3300.0000	$74.8900	Disposed	153221604.0000	Direct
2004-05-03	10-Common Stock	S	1900.0000	$74.8800	Disposed	153219704.0000	Direct
2004-05-03	11-Common Stock	S	1700.0000	$74.8700	Disposed	153218004.0000	Direct
2004-05-03	12-Common Stock	S	4900.0000	$74.8600	Disposed	153213104.0000	Direct
2004-05-03	13-Common Stock	S	1100.0000	$74.8500	Disposed	153212004.0000	Direct
2004-05-03	14-Common Stock	S	1100.0000	$74.8400	Disposed	153210904.0000	Direct
2004-05-03	15-Common Stock	S	1100.0000	$74.8300	Disposed	153209804.0000	Direct
2004-05-03	16-Common Stock	S	3300.0000	$74.8100	Disposed	153206504.0000	Direct
2004-05-03	17-Common Stock	S	2200.0000	$74.7900	Disposed	153204304.0000	Direct
2004-05-03	18-Common Stock	S	2700.0000	$74.7800	Disposed	153201604.0000	Direct
2004-05-03	19-Common Stock	S	4100.0000	$74.7600	Disposed	153197504.0000	Direct
2004-05-03	20-Common Stock	S	3800.0000	$74.7500	Disposed	153193704.0000	Direct
2004-05-03	21-Common Stock	S	7700.0000	$74.7400	Disposed	153186004.0000	Direct
2004-05-03	22-Common Stock	S	12900.0000	$74.7300	Disposed	153173104.0000	Direct
2004-05-03	23-Common Stock	S	9100.0000	$74.7200	Disposed	153164004.0000	Direct
2004-05-03	24-Common Stock	S	6600.0000	$74.7000	Disposed	153157404.0000	Direct
2004-05-03	25-Common Stock	S	8900.0000	$74.6900	Disposed	153148504.0000	Direct
2004-05-03	26-Common Stock	S	2100.0000	$74.6800	Disposed	153146404.0000	Direct
2004-05-03	27-Common Stock	S	4800.0000	$74.6700	Disposed	153141604.0000	Direct
2004-05-03	28-Common Stock	S	5100.0000	$74.6600	Disposed	153136504.0000	Direct
2004-05-03	29-Common Stock	S	1900.0000	$74.6500	Disposed	153134604.0000	Direct
2004-05-03	30-Common Stock	S	7300.0000	$74.6400	Disposed	153127304.0000	Direct