ELI LILLY & Co — Director's Dealing 2004

Jan 13, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-01-01

Reporting Person: TALLARIGO LORENZO (President, Internat'l Opers.)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	21699.36	Direct
Common Stock	889.00	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee stock option (right to buy)	$14.6575	2004-10-15	Common Stock (12000.00)		Direct
Employee stock option (right to buy)	$23.4075	2005-10-14	Common Stock (12000.00)		Direct
Employee stock option (right to buy)	$34.595	2006-10-20	Common Stock (8000.00)		Direct
Employee stock option (right to buy)	$64.06	2007-10-19	Common Stock (8000.00)		Direct
Employee stock option (right to buy)	$74.2813	2008-10-17	Common Stock (8000.00)		Direct
Employee Stock Option (right to buy)	$66.375	2009-10-16	Common Stock (25000.00)		Direct
Employee stock option (right to buy)	$73.98	2011-02-18	Common Stock (27500.00)		Direct
Employee stock option (right to buy)	$79.28	2011-10-04	Common Stock (12500.00)		Direct
Employee stock option (right to buy)	$75.92	2012-02-17	Common Stock (25000.00)		Direct
Employee stock option (right to buy)	$57.85	2013-02-15	Common Stock (50000.00)		Direct
Employee stock option (right to buy)	$64.35	2012-06-01	Common Stock (20000.00)		Direct