ELI LILLY & Co — Director's Dealing 2005

May 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2005-05-02

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-02	61-Common Stock	S	3700	$58.42	Disposed	150708404	Direct
2005-05-02	62-Common Stock	S	2900	$58.41	Disposed	150705504	Direct
2005-05-02	63-Common Stock	S	5000	$58.40	Disposed	150700504	Direct
2005-05-02	64-Common Stock	S	3800	$58.39	Disposed	150696704	Direct
2005-05-02	65-Common Stock	S	1800	$58.38	Disposed	150694904	Direct
2005-05-02	66-Common Stock	S	2900	$58.37	Disposed	150692004	Direct
2005-05-02	67-Common Stock	S	1300	$58.36	Disposed	150690704	Direct
2005-05-02	68-Common Stock	S	2100	$58.35	Disposed	150688604	Direct
2005-05-02	69-Common Stock	S	500	$58.34	Disposed	150688104	Direct
2005-05-02	70-Common Stock	S	1400	$58.33	Disposed	150686704	Direct
2005-05-02	71-Common Stock	S	800	$58.32	Disposed	150685904	Direct
2005-05-02	72-Common Stock	S	1900	$58.31	Disposed	150684004	Direct
2005-05-02	73-Common Stock	S	1300	$58.29	Disposed	150682704	Direct
2005-05-02	74-Common Stock	S	700	$58.23	Disposed	150682004	Direct
2005-05-02	75-Common Stock	S	700	$58.21	Disposed	150681304	Direct
2005-05-02	76-Common Stock	S	500	$58.20	Disposed	150680804	Direct
2005-05-02	77-Common Stock	S	1100	$58.16	Disposed	150679704	Direct
2005-05-02	78-Common Stock	S	400	$58.13	Disposed	150679304	Direct
2005-05-02	79-Common Stock	S	1000	$58.12	Disposed	150678304	Direct
2005-05-02	80-Common Stock	S	1300	$58.10	Disposed	150677004	Direct
2005-05-02	81-Common Stock	S	1300	$58.09	Disposed	150675704	Direct
2005-05-02	82-Common Stock	S	1300	$58.08	Disposed	150674404	Direct
2005-05-02	83-Common Stock	S	400	$58.06	Disposed	150674004	Direct
2005-05-02	84-Common Stock	S	800	$58.05	Disposed	150673204	Direct
2005-05-02	85-Common Stock	S	700	$58.01	Disposed	150672504	Direct
2005-05-02	86-Common Stock	S	1700	$57.96	Disposed	150670804	Direct