ELI LILLY & Co — Director's Dealing 2004

Apr 21, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-04-20

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-20	31-Common Stock	S	2200.0000	$72.8300	Disposed	153675404.0000	Direct
2004-04-20	32-Common Stock	S	1100.0000	$72.8200	Disposed	153674304.0000	Direct
2004-04-20	33-Common Stock	S	1300.0000	$72.8100	Disposed	153673004.0000	Direct
2004-04-20	34-Common Stock	S	900.0000	$72.8000	Disposed	153672104.0000	Direct
2004-04-20	35-Common Stock	S	2200.0000	$72.7800	Disposed	153669904.0000	Direct
2004-04-20	36-Common Stock	S	1300.0000	$72.7700	Disposed	153668604.0000	Direct
2004-04-20	37-Common Stock	S	1300.0000	$72.7600	Disposed	153667304.0000	Direct
2004-04-20	38-Common Stock	S	3500.0000	$72.7500	Disposed	153663804.0000	Direct
2004-04-20	39-Common Stock	S	4300.0000	$72.7200	Disposed	153659504.0000	Direct
2004-04-20	40-Common Stock	S	3300.0000	$72.7100	Disposed	153656204.0000	Direct
2004-04-20	41-Common Stock	S	4000.0000	$72.7000	Disposed	153652204.0000	Direct
2004-04-20	42-Common Stock	S	1200.0000	$72.6900	Disposed	153651004.0000	Direct
2004-04-20	43-Common Stock	S	3100.0000	$72.6600	Disposed	153647904.0000	Direct
2004-04-20	44-Common Stock	S	1300.0000	$72.6500	Disposed	153646604.0000	Direct
2004-04-20	45-Common Stock	S	3400.0000	$72.6400	Disposed	153643204.0000	Direct
2004-04-20	46-Common Stock	S	2500.0000	$72.6300	Disposed	153640704.0000	Direct
2004-04-20	47-Common Stock	S	2400.0000	$72.6000	Disposed	153638304.0000	Direct
2004-04-20	48-Common Stock	S	3900.0000	$72.5700	Disposed	153634404.0000	Direct
2004-04-20	49-Common Stock	S	600.0000	$72.5600	Disposed	153633804.0000	Direct
2004-04-20	50-Common Stock	S	6500.0000	$72.5500	Disposed	153627304.0000	Direct
2004-04-20	51-Common Stock	S	2300.0000	$72.4000	Disposed	153625004.0000	Direct
2004-04-20	52-Common Stock	S	4200.0000	$72.2500	Disposed	153620804.0000	Direct