| Group E | P | W | D | L | GF | GA | GD | points |
|---|---|---|---|---|---|---|---|---|
 Arsenal | 6 | 2 | 4 | 0 | 11 | 6 | 5 | 10 |
 PSV Eindhoven | 6 | 3 | 1 | 2 | 6 | 7 | -1 | 10 |
 Panathinaikos | 6 | 2 | 3 | 1 | 11 | 8 | 3 | 9 |
Rosenborg BK | 6 | 0 | 2 | 4 | 6 | 13 | -7 | 2 |
Tuesday 7 December 2004 | |||||||
| Arsenal | 5 | - | 1 | Rosenborg BK | 19:45 | STATS» | |
| Panathinaikos | 4 | - | 1 | PSV Eindhoven | 19:45 | STATS» | |
Wednesday 24 November 2004 | |||||||
| Rosenborg BK | 2 | - | 2 | Panathinaikos | 19:45 | STATS» | |
| PSV Eindhoven | 1 | - | 1 | Arsenal | 19:45 | STATS» | |
Tuesday 2 November 2004 | |||||||
| Arsenal | 1 | - | 1 | Panathinaikos | 19:45 | STATS» | |
| PSV Eindhoven | 1 | - | 0 | Rosenborg BK | 19:45 | STATS» | |
Wednesday 20 October 2004 | |||||||
| Rosenborg BK | 1 | - | 2 | PSV Eindhoven | 19:45 | STATS» | |
| Panathinaikos | 2 | - | 2 | Arsenal | 19:45 | STATS» | |
Wednesday 29 September 2004 | |||||||
| Rosenborg BK | 1 | - | 1 | Arsenal | 19:45 | STATS» | |
| PSV Eindhoven | 1 | - | 0 | Panathinaikos | 19:45 | STATS» | |
Tuesday 14 September 2004 | |||||||
| Panathinaikos | 2 | - | 1 | Rosenborg BK | 19:45 | STATS» | |
| Arsenal | 1 | - | 0 | PSV Eindhoven | 19:45 | STATS» | |