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	31-Common Stock	S	2600.0000	$74.4700	Disposed	153421604.0000	Direct
2004-04-27	32-Common Stock	S	2500.0000	$74.4600	Disposed	153419104.0000	Direct
2004-04-27	33-Common Stock	S	1200.0000	$74.4500	Disposed	153417904.0000	Direct
2004-04-27	34-Common Stock	S	5500.0000	$74.4200	Disposed	153412404.0000	Direct
2004-04-27	35-Common Stock	S	5600.0000	$74.4000	Disposed	153406804.0000	Direct
2004-04-27	36-Common Stock	S	200.0000	$74.3900	Disposed	153406604.0000	Direct
2004-04-27	37-Common Stock	S	2800.0000	$74.3800	Disposed	153403804.0000	Direct
2004-04-27	38-Common Stock	S	700.0000	$74.3500	Disposed	153403104.0000	Direct
2004-04-27	39-Common Stock	S	1300.0000	$74.2000	Disposed	153401804.0000	Direct
2004-04-27	40-Common Stock	S	800.0000	$74.1600	Disposed	153401004.0000	Direct
2004-04-27	41-Common Stock	S	400.0000	$74.1400	Disposed	153400604.0000	Direct
2004-04-27	42-Common Stock	S	800.0000	$74.1000	Disposed	153399804.0000	Direct
2004-04-27	43-Common Stock	S	2100.0000	$74.0900	Disposed	153397704.0000	Direct
2004-04-27	44-Common Stock	S	1100.0000	$74.0200	Disposed	153396604.0000	Direct
2004-04-27	45-Common Stock	S	1300.0000	$73.9900	Disposed	153395304.0000	Direct
2004-04-27	46-Common Stock	S	3900.0000	$73.9500	Disposed	153391404.0000	Direct
2004-04-27	47-Common Stock	S	1300.0000	$73.9400	Disposed	153390104.0000	Direct
2004-04-27	48-Common Stock	S	800.0000	$73.9200	Disposed	153389304.0000	Direct
2004-04-27	49-Common Stock	S	2600.0000	$73.9100	Disposed	153386704.0000	Direct
2004-04-27	50-Common Stock	S	1300.0000	$73.8900	Disposed	153385404.0000	Direct
2004-04-27	51-Common Stock	S	4300.0000	$73.8600	Disposed	153381104.0000	Direct
2004-04-27	52-Common Stock	S	700.0000	$73.8500	Disposed	153380404.0000	Direct
2004-04-27	53-Common Stock	S	2100.0000	$73.8300	Disposed	153378304.0000	Direct
2004-04-27	54-Common Stock	S	2600.0000	$73.8200	Disposed	153375704.0000	Direct
2004-04-27	55-Common Stock	S	5500.0000	$73.8100	Disposed	153370204.0000	Direct
2004-04-27	56-Common Stock	S	8800.0000	$73.7800	Disposed	153361404.0000	Direct
2004-04-27	57-Common Stock	S	1600.0000	$73.7600	Disposed	153359804.0000	Direct
2004-04-27	58-Common Stock	S	2900.0000	$73.7500	Disposed	153356904.0000	Direct
2004-04-27	59-Common Stock	S	4300.0000	$73.7400	Disposed	153352604.0000	Direct
2004-04-27	60-Common Stock	S	1300.0000	$73.7300	Disposed	153351304.0000	Direct