Liverpool 2-2 Benfica
Michael Owen and Titi Camara proved that Liverpool can cope without the injured Robbie Fowler, but Liverpool wasted a two-goal lead against Benfica.
The strikers bagged a goal apiece - Owen's something special - but a brace from former Manchester United star Karel Poborsky equalised for the Portuguese side, although Gérard Houllier still claimed the still claimed the Carlsberg Belfast Challenge on goal difference.
Camara dived in at the far post, just 10 minutes in, to nod Vladimir Smicer's tempting cross past goalkeeper Robert Enke, before Owen took centre stage.
He almost doubled the lead with a clever chip, but it fell the wrong side of the post. However, he was not to be denied and the England man netted with a spectacular hooked volley from Markus Babbel's cross.
A second victory in the tournament seemed secure, but Benfica replied well and Poborsky pulled one back with an equally impressive effort. Ricardo Rojas crossed from the left and the Czech star produced a magical scissor kick of his own to fire past Sander Westerveld.
With 17 minutes remaining, Poborsky hit the equaliser, collecting the ball on the edge of his own area following a Liverpool corner and leaving a trail of defenders in his wake before placing his shot neatly into the corner.
Liverpool completely dominated the first half with long spells of possession and some neat one touch passing but the second half was more evenly matched.
For Liverpool Marcus Babbel was particularly impressive at right back and Djimi Traore looked comfortable at left back. Gary McAllister also had an equally impressive game.
Liverpool : Westerveld, Babbel (Song), Hyypia, Henchoz, Traore, Smicer (Meijer), Hamann, Carragher, McAllister (Barmby), Camara (Berger), Owen
Subs not used: Arphexad