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	1-Common Stock	S	600.0000	$73.5600	Disposed	153720204.0000	Direct
2004-04-20	2-Common Stock	S	1700.0000	$73.5100	Disposed	153718504.0000	Direct
2004-04-20	3-Common Stock	S	1300.0000	$73.4700	Disposed	153717204.0000	Direct
2004-04-20	4-Common Stock	S	1300.0000	$73.4600	Disposed	153715904.0000	Direct
2004-04-20	5-Common Stock	S	600.0000	$73.4500	Disposed	153715304.0000	Direct
2004-04-20	6-Common Stock	S	1300.0000	$73.4300	Disposed	153714004.0000	Direct
2004-04-20	7-Common Stock	S	1300.0000	$73.4000	Disposed	153712704.0000	Direct
2004-04-20	8-Common Stock	S	1300.0000	$73.3400	Disposed	153711404.0000	Direct
2004-04-20	9-Common Stock	S	1000.0000	$73.3000	Disposed	153710404.0000	Direct
2004-04-20	10-Common Stock	S	1300.0000	$73.2500	Disposed	153709104.0000	Direct
2004-04-20	11-Common Stock	S	1300.0000	$73.2400	Disposed	153707804.0000	Direct
2004-04-20	12-Common Stock	S	800.0000	$73.2300	Disposed	153707004.0000	Direct
2004-04-20	13-Common Stock	S	700.0000	$73.2000	Disposed	153706304.0000	Direct
2004-04-20	14-Common Stock	S	600.0000	$73.1900	Disposed	153705704.0000	Direct
2004-04-20	15-Common Stock	S	1300.0000	$73.1500	Disposed	153704404.0000	Direct
2004-04-20	16-Common Stock	S	1300.0000	$73.1400	Disposed	153703104.0000	Direct
2004-04-20	17-Common Stock	S	1200.0000	$72.9800	Disposed	153701904.0000	Direct
2004-04-20	18-Common Stock	S	800.0000	$72.9700	Disposed	153701104.0000	Direct
2004-04-20	19-Common Stock	S	1200.0000	$72.9600	Disposed	153699904.0000	Direct
2004-04-20	20-Common Stock	S	2700.0000	$72.9500	Disposed	153697204.0000	Direct
2004-04-20	21-Common Stock	S	1100.0000	$72.9400	Disposed	153696104.0000	Direct
2004-04-20	22-Common Stock	S	800.0000	$72.9300	Disposed	153695304.0000	Direct
2004-04-20	23-Common Stock	S	2200.0000	$72.9200	Disposed	153693104.0000	Direct
2004-04-20	24-Common Stock	S	3800.0000	$72.9100	Disposed	153689304.0000	Direct
2004-04-20	25-Common Stock	S	4200.0000	$72.9000	Disposed	153685104.0000	Direct
2004-04-20	26-Common Stock	S	1100.0000	$72.8900	Disposed	153684004.0000	Direct
2004-04-20	27-Common Stock	S	900.0000	$72.8800	Disposed	153683104.0000	Direct
2004-04-20	28-Common Stock	S	2000.0000	$72.8700	Disposed	153681104.0000	Direct
2004-04-20	29-Common Stock	S	2500.0000	$72.8600	Disposed	153678604.0000	Direct
2004-04-20	30-Common Stock	S	1000.0000	$72.8400	Disposed	153677604.0000	Direct