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	61-Common Stock	S	800.0000	$73.7000	Disposed	153350504.0000	Direct
2004-04-27	62-Common Stock	S	1300.0000	$73.6900	Disposed	153349204.0000	Direct
2004-04-27	63-Common Stock	S	800.0000	$73.6400	Disposed	153348404.0000	Direct
2004-04-27	64-Common Stock	S	1300.0000	$73.5400	Disposed	153347104.0000	Direct
2004-04-27	65-Common Stock	S	1300.0000	$73.5000	Disposed	153345804.0000	Direct