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	1-Common Stock	S	1600.0000	$73.9800	Disposed	153859204.0000	Direct
2004-03-08	2-Common Stock	S	800.0000	$73.9300	Disposed	153858404.0000	Direct
2004-03-08	3-Common Stock	S	1600.0000	$73.9200	Disposed	153856804.0000	Direct
2004-03-08	4-Common Stock	S	1000.0000	$73.9100	Disposed	153855804.0000	Direct
2004-03-08	5-Common Stock	S	800.0000	$73.8500	Disposed	153855004.0000	Direct
2004-03-08	6-Common Stock	S	800.0000	$73.8400	Disposed	153854204.0000	Direct
2004-03-08	7-Common Stock	S	2900.0000	$73.8300	Disposed	153851304.0000	Direct
2004-03-08	8-Common Stock	S	2200.0000	$73.8200	Disposed	153849104.0000	Direct
2004-03-08	9-Common Stock	S	4400.0000	$73.8100	Disposed	153844704.0000	Direct
2004-03-08	10-Common Stock	S	2700.0000	$73.8000	Disposed	153842004.0000	Direct
2004-03-08	11-Common Stock	S	2500.0000	$73.7900	Disposed	153839504.0000	Direct
2004-03-08	12-Common Stock	S	6200.0000	$73.7800	Disposed	153833304.0000	Direct
2004-03-08	13-Common Stock	S	5500.0000	$73.7700	Disposed	153827804.0000	Direct
2004-03-08	14-Common Stock	S	1600.0000	$73.7600	Disposed	153826204.0000	Direct
2004-03-08	15-Common Stock	S	8100.0000	$73.7500	Disposed	153818104.0000	Direct
2004-03-08	16-Common Stock	S	3800.0000	$73.7400	Disposed	153814304.0000	Direct
2004-03-08	17-Common Stock	S	3900.0000	$73.7200	Disposed	153810404.0000	Direct
2004-03-08	18-Common Stock	S	1300.0000	$73.7000	Disposed	153809104.0000	Direct
2004-03-08	19-Common Stock	S	2600.0000	$73.6900	Disposed	153806504.0000	Direct
2004-03-08	20-Common Stock	S	3200.0000	$73.6700	Disposed	153803304.0000	Direct
2004-03-08	21-Common Stock	S	1300.0000	$73.6600	Disposed	153802004.0000	Direct
2004-03-08	22-Common Stock	S	4600.0000	$73.6100	Disposed	153797404.0000	Direct
2004-03-08	23-Common Stock	S	1600.0000	$73.5600	Disposed	153795804.0000	Direct
2004-03-08	24-Common Stock	S	3600.0000	$73.5500	Disposed	153792204.0000	Direct
2004-03-08	25-Common Stock	S	600.0000	$73.5300	Disposed	153791604.0000	Direct
2004-03-08	26-Common Stock	S	800.0000	$73.5000	Disposed	153790804.0000	Direct
2004-03-08	27-Common Stock	S	600.0000	$73.4800	Disposed	153790204.0000	Direct
2004-03-08	28-Common Stock	S	2000.0000	$73.4700	Disposed	153788204.0000	Direct
2004-03-08	29-Common Stock	S	1100.0000	$73.4100	Disposed	153787104.0000	Direct
2004-03-08	30-Common Stock	S	1300.0000	$73.4000	Disposed	153785804.0000	Direct