| Group E | 14/09/2004 | Panathinaikos | - | Rosenborg BK | 2:1 | ||||
| Group E | 20/10/2004 | Panathinaikos | - | Arsenal FC | 2:2 | ||||
| Group E | 02/11/2004 | Arsenal FC | - | Panathinaikos | 1:1 |  |
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| Group E | 24/11/2004 | Rosenborg BK | - | Panathinaikos | 2:2 | ||||
| Group E | 07/12/2004 | Panathinaikos | - | PSV Eindhoven | 4:1 |
Greece