ELI LILLY & Co — Director's Dealing 2004

Feb 27, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-02-26

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-26	31-Common Stock	S	2800.0000	$73.0500	Disposed	153881104.0000	Direct
2004-02-26	32-Common Stock	S	14700.0000	$73.0200	Disposed	153866404.0000	Direct
2004-02-26	33-Common Stock	S	5600.0000	$73.0100	Disposed	153860804.0000	Direct