| Group E | P | W | D | L | GF | GA | GD | points |
|---|---|---|---|---|---|---|---|---|
 Manchester United | 6 | 5 | 0 | 1 | 13 | 2 | 11 | 15 |
 VfB Stuttgart | 6 | 4 | 0 | 2 | 9 | 6 | 3 | 12 |
 Rangers | 6 | 1 | 1 | 4 | 4 | 10 | -6 | 4 |
Panathinaikos | 6 | 1 | 1 | 4 | 5 | 13 | -8 | 4 |
Tuesday 9 December 2003 | |||||||
| Rangers | 1 | - | 3 | Panathinaikos | 19:45 | STATS» | |
| Manchester United | 2 | - | 0 | VfB Stuttgart | 19:45 | STATS» | |
Wednesday 26 November 2003 | |||||||
| Panathinaikos | 0 | - | 1 | Manchester United | 18:45 | STATS» | |
| VfB Stuttgart | 1 | - | 0 | Rangers | 19:45 | STATS» | |
Tuesday 4 November 2003 | |||||||
| Panathinaikos | 1 | - | 3 | VfB Stuttgart | 19:45 | STATS» | |
| Manchester United | 3 | - | 0 | Rangers | 19:45 | STATS» | |
Wednesday 22 October 2003 | |||||||
| VfB Stuttgart | 2 | - | 0 | Panathinaikos | 19:45 | STATS» | |
| Rangers | 0 | - | 1 | Manchester United | 19:45 | STATS» | |
Wednesday 1 October 2003 | |||||||
| VfB Stuttgart | 2 | - | 1 | Manchester United | 19:45 | STATS» | |
| Panathinaikos | 1 | - | 1 | Rangers | 19:45 | STATS» | |
Tuesday 16 September 2003 | |||||||
| Rangers | 2 | - | 1 | VfB Stuttgart | 19:45 | STATS» | |
| Manchester United | 5 | - | 0 | Panathinaikos | 19:45 | STATS» | |