ELI LILLY & Co — Director's Dealing 2004

Apr 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-04-27

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-27	1-Common Stock	S	1300.0000	$74.8500	Disposed	153479504.0000	Direct
2004-04-27	2-Common Stock	S	800.0000	$74.8300	Disposed	153478704.0000	Direct
2004-04-27	3-Common Stock	S	2100.0000	$74.8000	Disposed	153476604.0000	Direct
2004-04-27	4-Common Stock	S	1200.0000	$74.7900	Disposed	153475404.0000	Direct
2004-04-27	5-Common Stock	S	1600.0000	$74.7800	Disposed	153473804.0000	Direct
2004-04-27	6-Common Stock	S	2400.0000	$74.7600	Disposed	153471404.0000	Direct
2004-04-27	7-Common Stock	S	2000.0000	$74.7500	Disposed	153469404.0000	Direct
2004-04-27	8-Common Stock	S	800.0000	$74.7400	Disposed	153468604.0000	Direct
2004-04-27	9-Common Stock	S	1200.0000	$74.7300	Disposed	153467404.0000	Direct
2004-04-27	10-Common Stock	S	2100.0000	$74.7200	Disposed	153465304.0000	Direct
2004-04-27	11-Common Stock	S	1100.0000	$74.7100	Disposed	153464204.0000	Direct
2004-04-27	12-Common Stock	S	1100.0000	$74.7000	Disposed	153463104.0000	Direct
2004-04-27	13-Common Stock	S	2600.0000	$74.6900	Disposed	153460504.0000	Direct
2004-04-27	14-Common Stock	S	1300.0000	$74.6800	Disposed	153459204.0000	Direct
2004-04-27	15-Common Stock	S	800.0000	$74.6700	Disposed	153458404.0000	Direct
2004-04-27	16-Common Stock	S	1300.0000	$74.6600	Disposed	153457104.0000	Direct
2004-04-27	17-Common Stock	S	1200.0000	$74.6500	Disposed	153455904.0000	Direct
2004-04-27	18-Common Stock	S	2600.0000	$74.6100	Disposed	153453304.0000	Direct
2004-04-27	19-Common Stock	S	4800.0000	$74.6000	Disposed	153448504.0000	Direct
2004-04-27	20-Common Stock	S	1300.0000	$74.5900	Disposed	153447204.0000	Direct
2004-04-27	21-Common Stock	S	1800.0000	$74.5800	Disposed	153445404.0000	Direct
2004-04-27	22-Common Stock	S	3100.0000	$74.5600	Disposed	153442304.0000	Direct
2004-04-27	23-Common Stock	S	5200.0000	$74.5500	Disposed	153437104.0000	Direct
2004-04-27	24-Common Stock	S	300.0000	$74.5400	Disposed	153436804.0000	Direct
2004-04-27	25-Common Stock	S	2500.0000	$74.5300	Disposed	153434304.0000	Direct
2004-04-27	26-Common Stock	S	2000.0000	$74.5200	Disposed	153432304.0000	Direct
2004-04-27	27-Common Stock	S	900.0000	$74.5100	Disposed	153431404.0000	Direct
2004-04-27	28-Common Stock	S	5100.0000	$74.5000	Disposed	153426304.0000	Direct
2004-04-27	29-Common Stock	S	800.0000	$74.4900	Disposed	153425504.0000	Direct
2004-04-27	30-Common Stock	S	1300.0000	$74.4800	Disposed	153424204.0000	Direct