| Group B | P | W | D | L | GF | GA | GD | points |
|---|---|---|---|---|---|---|---|---|
 Arsenal | 6 | 3 | 1 | 2 | 9 | 6 | 3 | 10 |
 Lokomotiv Moscow | 6 | 2 | 2 | 2 | 7 | 7 | 0 | 8 |
 Internazionale | 6 | 2 | 2 | 2 | 8 | 11 | -3 | 8 |
 Dynamo Kyiv | 6 | 2 | 1 | 3 | 8 | 8 | 0 | 7 |
Wednesday 10 December 2003 | |||||||
| Dynamo Kyiv | 1 | - | 1 | Internazionale | 19:45 | STATS» | |
| Arsenal | 2 | - | 0 | Lokomotiv Moscow | 19:45 | STATS» | |
Tuesday 25 November 2003 | |||||||
| Internazionale | 1 | - | 5 | Arsenal | 18:45 | STATS» | |
| Lokomotiv Moscow | 3 | - | 2 | Dynamo Kyiv | 16:30 | STATS» | |
Wednesday 5 November 2003 | |||||||
| Internazionale | 1 | - | 1 | Lokomotiv Moscow | 19:45 | STATS» | |
| Arsenal | 1 | - | 0 | Dynamo Kyiv | 19:45 | STATS» | |
Tuesday 21 October 2003 | |||||||
| Lokomotiv Moscow | 3 | - | 0 | Internazionale | 19:45 | STATS» | |
| Dynamo Kyiv | 2 | - | 1 | Arsenal | 19:45 | STATS» | |
Tuesday 30 September 2003 | |||||||
| Internazionale | 2 | - | 1 | Dynamo Kyiv | 19:45 | STATS» | |
| Lokomotiv Moscow | 0 | - | 0 | Arsenal | 17:30 | STATS» | |
Wednesday 17 September 2003 | |||||||
| Dynamo Kyiv | 2 | - | 0 | Lokomotiv Moscow | 19:45 | STATS» | |
| Arsenal | 0 | - | 3 | Internazionale | 18:45 | STATS» | |