ELI LILLY & Co — Director's Dealing 2004

Feb 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-02-25

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-25	1-Common Stock	S	1400.0000	$72.8400	Disposed	154119404.0000	Direct
2004-02-25	2-Common Stock	S	5100.0000	$72.8000	Disposed	154114304.0000	Direct
2004-02-25	3-Common Stock	S	5700.0000	$72.7900	Disposed	154108604.0000	Direct
2004-02-25	4-Common Stock	S	1400.0000	$72.7800	Disposed	154107204.0000	Direct
2004-02-25	5-Common Stock	S	1400.0000	$72.7700	Disposed	154105804.0000	Direct
2004-02-25	6-Common Stock	S	3300.0000	$72.7400	Disposed	154102504.0000	Direct
2004-02-25	7-Common Stock	S	1400.0000	$72.7300	Disposed	154101104.0000	Direct
2004-02-25	8-Common Stock	S	5600.0000	$72.7200	Disposed	154095504.0000	Direct
2004-02-25	9-Common Stock	S	5500.0000	$72.7000	Disposed	154090004.0000	Direct
2004-02-25	10-Common Stock	S	10000.0000	$72.7000	Disposed	154080004.0000	Direct
2004-02-25	11-Common Stock	S	5000.0000	$72.6900	Disposed	154075004.0000	Direct
2004-02-25	12-Common Stock	S	2600.0000	$72.6800	Disposed	154072404.0000	Direct
2004-02-25	13-Common Stock	S	2800.0000	$72.6700	Disposed	154069604.0000	Direct
2004-02-25	14-Common Stock	S	4500.0000	$72.6600	Disposed	154065104.0000	Direct
2004-02-25	15-Common Stock	S	9300.0000	$72.6500	Disposed	154055804.0000	Direct
2004-02-25	16-Common Stock	S	5900.0000	$72.6400	Disposed	154049904.0000	Direct
2004-02-25	17-Common Stock	S	9900.0000	$72.6300	Disposed	154040004.0000	Direct
2004-02-25	18-Common Stock	S	2500.0000	$72.6200	Disposed	154037504.0000	Direct
2004-02-25	19-Common Stock	S	3000.0000	$72.6100	Disposed	154034504.0000	Direct
2004-02-25	20-Common Stock	S	5100.0000	$72.6000	Disposed	154029404.0000	Direct
2004-02-25	21-Common Stock	S	2700.0000	$72.5900	Disposed	154026704.0000	Direct
2004-02-25	22-Common Stock	S	1400.0000	$72.5800	Disposed	154025304.0000	Direct
2004-02-25	23-Common Stock	S	3800.0000	$72.5600	Disposed	154021504.0000	Direct
2004-02-25	24-Common Stock	S	3600.0000	$72.5500	Disposed	154017904.0000	Direct
2004-02-25	25-Common Stock	S	2100.0000	$72.5400	Disposed	154015804.0000	Direct
2004-02-25	26-Common Stock	S	2500.0000	$72.5100	Disposed	154013304.0000	Direct
2004-02-25	27-Common Stock	S	8800.0000	$72.5000	Disposed	154004504.0000	Direct
2004-02-25	28-Common Stock	S	1200.0000	$72.4500	Disposed	154003304.0000	Direct
2004-02-25	29-Common Stock	S	1200.0000	$72.4400	Disposed	154002104.0000	Direct
2004-02-25	30-Common Stock	S	1300.0000	$72.4100	Disposed	154000804.0000	Direct