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	1-Common Stock	S	600.0000	$74.4600	Disposed	153345204.0000	Direct
2004-04-29	2-Common Stock	S	600.0000	$74.4300	Disposed	153344604.0000	Direct
2004-04-29	3-Common Stock	S	1900.0000	$74.4000	Disposed	153342704.0000	Direct
2004-04-29	4-Common Stock	S	1200.0000	$74.3800	Disposed	153341504.0000	Direct
2004-04-29	5-Common Stock	S	200.0000	$74.3700	Disposed	153341304.0000	Direct
2004-04-29	6-Common Stock	S	900.0000	$74.3600	Disposed	153340404.0000	Direct
2004-04-29	7-Common Stock	S	1200.0000	$74.3500	Disposed	153339204.0000	Direct
2004-04-29	8-Common Stock	S	1200.0000	$74.3300	Disposed	153338004.0000	Direct
2004-04-29	9-Common Stock	S	2100.0000	$74.3100	Disposed	153335904.0000	Direct
2004-04-29	10-Common Stock	S	2400.0000	$74.2800	Disposed	153333504.0000	Direct
2004-04-29	11-Common Stock	S	1200.0000	$74.2500	Disposed	153332304.0000	Direct
2004-04-29	12-Common Stock	S	900.0000	$74.2200	Disposed	153331404.0000	Direct
2004-04-29	13-Common Stock	S	100.0000	$74.1500	Disposed	153331304.0000	Direct
2004-04-29	14-Common Stock	S	2800.0000	$74.1200	Disposed	153328504.0000	Direct
2004-04-29	15-Common Stock	S	1400.0000	$74.1100	Disposed	153327104.0000	Direct
2004-04-29	16-Common Stock	S	600.0000	$74.1000	Disposed	153326504.0000	Direct
2004-04-29	17-Common Stock	S	1700.0000	$74.0800	Disposed	153324804.0000	Direct
2004-04-29	18-Common Stock	S	1800.0000	$74.0700	Disposed	153323004.0000	Direct
2004-04-29	19-Common Stock	S	1700.0000	$74.0400	Disposed	153321304.0000	Direct
2004-04-29	20-Common Stock	S	1200.0000	$74.0300	Disposed	153320104.0000	Direct
2004-04-29	21-Common Stock	S	1300.0000	$74.0200	Disposed	153318804.0000	Direct
2004-04-29	22-Common Stock	S	1200.0000	$74.0100	Disposed	153317604.0000	Direct
2004-04-29	23-Common Stock	S	2200.0000	$73.9700	Disposed	153315404.0000	Direct
2004-04-29	24-Common Stock	S	1000.0000	$73.9600	Disposed	153314404.0000	Direct
2004-04-29	25-Common Stock	S	400.0000	$73.9500	Disposed	153314004.0000	Direct
2004-04-29	26-Common Stock	S	1200.0000	$73.9200	Disposed	153312804.0000	Direct
2004-04-29	27-Common Stock	S	600.0000	$73.9000	Disposed	153312204.0000	Direct
2004-04-29	28-Common Stock	S	1900.0000	$73.8100	Disposed	153310304.0000	Direct
2004-04-29	29-Common Stock	S	800.0000	$73.8000	Disposed	153309504.0000	Direct
2004-04-29	30-Common Stock	S	1100.0000	$73.7800	Disposed	153308404.0000	Direct