ELI LILLY & Co — Director's Dealing 2004

Apr 27, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-04-26

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-26	1-Common Stock	S	1200.0000	$73.9000	Disposed	153619604.0000	Direct
2004-04-26	2-Common Stock	S	1200.0000	$73.8200	Disposed	153618404.0000	Direct
2004-04-26	3-Common Stock	S	800.0000	$73.7700	Disposed	153617604.0000	Direct
2004-04-26	4-Common Stock	S	1200.0000	$73.7200	Disposed	153616404.0000	Direct
2004-04-26	5-Common Stock	S	1700.0000	$73.6700	Disposed	153614704.0000	Direct
2004-04-26	6-Common Stock	S	2400.0000	$73.6500	Disposed	153612304.0000	Direct
2004-04-26	7-Common Stock	S	400.0000	$73.6400	Disposed	153611904.0000	Direct
2004-04-26	8-Common Stock	S	1200.0000	$73.6300	Disposed	153610704.0000	Direct
2004-04-26	9-Common Stock	S	2000.0000	$73.6200	Disposed	153608704.0000	Direct
2004-04-26	10-Common Stock	S	2400.0000	$73.5800	Disposed	153606304.0000	Direct
2004-04-26	11-Common Stock	S	4800.0000	$73.5300	Disposed	153601504.0000	Direct
2004-04-26	12-Common Stock	S	3200.0000	$73.5200	Disposed	153598304.0000	Direct
2004-04-26	13-Common Stock	S	4400.0000	$73.5000	Disposed	153593904.0000	Direct
2004-04-26	14-Common Stock	S	3600.0000	$73.4900	Disposed	153590304.0000	Direct
2004-04-26	15-Common Stock	S	500.0000	$73.4700	Disposed	153589804.0000	Direct
2004-04-26	16-Common Stock	S	2400.0000	$73.4400	Disposed	153587404.0000	Direct
2004-04-26	17-Common Stock	S	1200.0000	$73.4300	Disposed	153586204.0000	Direct
2004-04-26	18-Common Stock	S	3200.0000	$73.4200	Disposed	153583004.0000	Direct
2004-04-26	19-Common Stock	S	2400.0000	$73.3900	Disposed	153580604.0000	Direct
2004-04-26	20-Common Stock	S	4800.0000	$73.3800	Disposed	153575804.0000	Direct
2004-04-26	21-Common Stock	S	3600.0000	$73.3700	Disposed	153572204.0000	Direct
2004-04-26	22-Common Stock	S	2200.0000	$73.3600	Disposed	153570004.0000	Direct
2004-04-26	23-Common Stock	S	1100.0000	$73.3500	Disposed	153568904.0000	Direct
2004-04-26	24-Common Stock	S	12400.0000	$73.3400	Disposed	153556504.0000	Direct
2004-04-26	25-Common Stock	S	3400.0000	$73.3300	Disposed	153553104.0000	Direct
2004-04-26	26-Common Stock	S	2400.0000	$73.3200	Disposed	153550704.0000	Direct
2004-04-26	27-Common Stock	S	2400.0000	$73.3100	Disposed	153548304.0000	Direct
2004-04-26	28-Common Stock	S	3600.0000	$73.3000	Disposed	153544704.0000	Direct
2004-04-26	29-Common Stock	S	1200.0000	$73.2800	Disposed	153543504.0000	Direct
2004-04-26	30-Common Stock	S	3200.0000	$73.2600	Disposed	153540304.0000	Direct