ELI LILLY & Co — Director's Dealing 2004

Apr 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-04-29

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-29	31-Common Stock	S	600.0000	$73.7700	Disposed	153307804.0000	Direct
2004-04-29	32-Common Stock	S	700.0000	$73.7600	Disposed	153307104.0000	Direct
2004-04-29	33-Common Stock	S	1800.0000	$73.7500	Disposed	153305304.0000	Direct
2004-04-29	34-Common Stock	S	2800.0000	$73.6900	Disposed	153302504.0000	Direct
2004-04-29	35-Common Stock	S	1600.0000	$73.6800	Disposed	153300904.0000	Direct
2004-04-29	36-Common Stock	S	2600.0000	$73.6700	Disposed	153298304.0000	Direct
2004-04-29	37-Common Stock	S	1000.0000	$73.6600	Disposed	153297304.0000	Direct
2004-04-29	38-Common Stock	S	3200.0000	$73.6500	Disposed	153294104.0000	Direct
2004-04-29	39-Common Stock	S	600.0000	$73.6400	Disposed	153293504.0000	Direct
2004-04-29	40-Common Stock	S	600.0000	$73.6300	Disposed	153292904.0000	Direct
2004-04-29	41-Common Stock	S	4800.0000	$73.5800	Disposed	153288104.0000	Direct
2004-04-29	42-Common Stock	S	800.0000	$73.5700	Disposed	153287304.0000	Direct
2004-04-29	43-Common Stock	S	1400.0000	$73.5600	Disposed	153285904.0000	Direct
2004-04-29	44-Common Stock	S	800.0000	$73.5400	Disposed	153285104.0000	Direct
2004-04-29	45-Common Stock	S	600.0000	$73.5300	Disposed	153284504.0000	Direct
2004-04-29	46-Common Stock	S	900.0000	$73.5200	Disposed	153283604.0000	Direct
2004-04-29	47-Common Stock	S	1200.0000	$73.5100	Disposed	153282404.0000	Direct
2004-04-29	48-Common Stock	S	1100.0000	$73.4900	Disposed	153281304.0000	Direct
2004-04-29	49-Common Stock	S	700.0000	$73.4800	Disposed	153280604.0000	Direct
2004-04-29	50-Common Stock	S	900.0000	$73.4700	Disposed	153279704.0000	Direct
2004-04-29	51-Common Stock	S	2400.0000	$73.4600	Disposed	153277304.0000	Direct
2004-04-29	52-Common Stock	S	500.0000	$73.4400	Disposed	153276804.0000	Direct
2004-04-29	53-Common Stock	S	4000.0000	$73.4000	Disposed	153272804.0000	Direct
2004-04-29	54-Common Stock	S	1600.0000	$73.3400	Disposed	153271204.0000	Direct
2004-04-29	55-Common Stock	S	2400.0000	$73.3200	Disposed	153268804.0000	Direct
2004-04-29	56-Common Stock	S	2600.0000	$73.3100	Disposed	153266204.0000	Direct
2004-04-29	57-Common Stock	S	1700.0000	$73.3000	Disposed	153264504.0000	Direct
2004-04-29	58-Common Stock	S	1400.0000	$73.2700	Disposed	153263104.0000	Direct
2004-04-29	59-Common Stock	S	3300.0000	$73.2000	Disposed	153259804.0000	Direct
2004-04-29	60-Common Stock	S	1800.0000	$73.1800	Disposed	153258004.0000	Direct