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	1-Common Stock	S	6000.0000	$73.6000	Disposed	153994804.0000	Direct
2004-02-26	2-Common Stock	S	800.0000	$73.5700	Disposed	153994004.0000	Direct
2004-02-26	3-Common Stock	S	400.0000	$73.5600	Disposed	153993604.0000	Direct
2004-02-26	4-Common Stock	S	2000.0000	$73.5500	Disposed	153991604.0000	Direct
2004-02-26	5-Common Stock	S	1400.0000	$73.5400	Disposed	153990204.0000	Direct
2004-02-26	6-Common Stock	S	2800.0000	$73.5300	Disposed	153987404.0000	Direct
2004-02-26	7-Common Stock	S	13200.0000	$73.5200	Disposed	153974204.0000	Direct
2004-02-26	8-Common Stock	S	11900.0000	$73.5100	Disposed	153962304.0000	Direct
2004-02-26	9-Common Stock	S	4500.0000	$73.5000	Disposed	153957804.0000	Direct
2004-02-26	10-Common Stock	S	7500.0000	$73.4900	Disposed	153950304.0000	Direct
2004-02-26	11-Common Stock	S	600.0000	$73.4700	Disposed	153949704.0000	Direct
2004-02-26	12-Common Stock	S	2600.0000	$73.4600	Disposed	153947104.0000	Direct
2004-02-26	13-Common Stock	S	9000.0000	$73.4500	Disposed	153938104.0000	Direct
2004-02-26	14-Common Stock	S	2800.0000	$73.4400	Disposed	153935304.0000	Direct
2004-02-26	15-Common Stock	S	1000.0000	$73.4300	Disposed	153934304.0000	Direct
2004-02-26	16-Common Stock	S	1300.0000	$73.4200	Disposed	153933004.0000	Direct
2004-02-26	17-Common Stock	S	8300.0000	$73.4100	Disposed	153924704.0000	Direct
2004-02-26	18-Common Stock	S	5600.0000	$73.4000	Disposed	153919104.0000	Direct
2004-02-26	19-Common Stock	S	2700.0000	$73.3900	Disposed	153916404.0000	Direct
2004-02-26	20-Common Stock	S	7300.0000	$73.3800	Disposed	153909104.0000	Direct
2004-02-26	21-Common Stock	S	3500.0000	$73.3700	Disposed	153905604.0000	Direct
2004-02-26	22-Common Stock	S	6900.0000	$73.3600	Disposed	153898704.0000	Direct
2004-02-26	23-Common Stock	S	2800.0000	$73.3100	Disposed	153895904.0000	Direct
2004-02-26	24-Common Stock	S	1400.0000	$73.3000	Disposed	153894504.0000	Direct
2004-02-26	25-Common Stock	S	4100.0000	$73.2500	Disposed	153890404.0000	Direct
2004-02-26	26-Common Stock	S	1400.0000	$73.2100	Disposed	153889004.0000	Direct
2004-02-26	27-Common Stock	S	1400.0000	$73.1900	Disposed	153887604.0000	Direct
2004-02-26	28-Common Stock	S	800.0000	$73.1100	Disposed	153886804.0000	Direct
2004-02-26	29-Common Stock	S	100.0000	$73.0800	Disposed	153886704.0000	Direct
2004-02-26	30-Common Stock	S	2800.0000	$73.0600	Disposed	153883904.0000	Direct