ELI LILLY & Co — Director's Dealing 2004

Mar 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-03-08

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-08	31-Common Stock	S	1200.0000	$73.3900	Disposed	153784604.0000	Direct
2004-03-08	32-Common Stock	S	1300.0000	$73.3400	Disposed	153783304.0000	Direct
2004-03-08	33-Common Stock	S	1300.0000	$73.3300	Disposed	153782004.0000	Direct
2004-03-08	34-Common Stock	S	800.0000	$73.3100	Disposed	153781204.0000	Direct
2004-03-08	35-Common Stock	S	800.0000	$73.3000	Disposed	153780404.0000	Direct
2004-03-08	36-Common Stock	S	800.0000	$73.2700	Disposed	153779604.0000	Direct
2004-03-08	37-Common Stock	S	400.0000	$73.2500	Disposed	153779204.0000	Direct
2004-03-08	38-Common Stock	S	1900.0000	$73.2400	Disposed	153777304.0000	Direct
2004-03-08	39-Common Stock	S	1300.0000	$73.2200	Disposed	153776004.0000	Direct
2004-03-08	40-Common Stock	S	800.0000	$73.2100	Disposed	153775204.0000	Direct
2004-03-08	41-Common Stock	S	100.0000	$73.1300	Disposed	153775104.0000	Direct
2004-03-08	42-Common Stock	S	1300.0000	$73.1100	Disposed	153773804.0000	Direct
2004-03-08	43-Common Stock	S	800.0000	$73.0400	Disposed	153773004.0000	Direct
2004-03-08	44-Common Stock	S	200.0000	$73.0300	Disposed	153772804.0000	Direct
2004-03-08	45-Common Stock	S	800.0000	$73.0200	Disposed	153772004.0000	Direct
2004-03-08	46-Common Stock	S	1200.0000	$73.0000	Disposed	153770804.0000	Direct
2004-03-08	47-Common Stock	S	800.0000	$72.9900	Disposed	153770004.0000	Direct
2004-03-08	48-Common Stock	S	300.0000	$72.9600	Disposed	153769704.0000	Direct
2004-03-08	49-Common Stock	S	900.0000	$72.9500	Disposed	153768804.0000	Direct
2004-03-08	50-Common Stock	S	2900.0000	$72.9400	Disposed	153765904.0000	Direct
2004-03-08	51-Common Stock	S	3800.0000	$72.9300	Disposed	153762104.0000	Direct
2004-03-08	52-Common Stock	S	1600.0000	$72.9200	Disposed	153760504.0000	Direct
2004-03-08	53-Common Stock	S	1500.0000	$72.9100	Disposed	153759004.0000	Direct
2004-03-08	54-Common Stock	S	800.0000	$72.9000	Disposed	153758204.0000	Direct
2004-03-08	55-Common Stock	S	4100.0000	$72.8900	Disposed	153754104.0000	Direct
2004-03-08	56-Common Stock	S	2900.0000	$72.8800	Disposed	153751204.0000	Direct
2004-03-08	57-Common Stock	S	2100.0000	$72.8700	Disposed	153749104.0000	Direct
2004-03-08	58-Common Stock	S	2600.0000	$72.8600	Disposed	153746504.0000	Direct
2004-03-08	59-Common Stock	S	2900.0000	$72.8400	Disposed	153743604.0000	Direct
2004-03-08	60-Common Stock	S	2400.0000	$72.8300	Disposed	153741204.0000	Direct