**Exhibit 7.2**

----

**UNAUDITED COMPUTATION OF RATIO  OF EARNINGS TO FIXED CHARGES(1)**

|                                                                                |   | **Year      ended 31 March** |   |
|-------------------------------------------------------------------------------------|--------|------------------------------|--------|
| **Under UK GAAP(2)**                                                                |   | **2004**                     |   | **2003** |   |
|                                                                                |   | **£m**                 |   | **£m** |   |
|                                                                                |   |                         |   |   |   |
| Interest      payable by subsidiaries                                               |   | 1,091                        |   | 1,123 |   |
| One third of rental expense                                                         |   | 451                          |   | 449 |   |
| Preference      dividends                                                           |   | 77                           |   | 85 |   |
|                                                                                |   |                              |   |  |   |
| **Fixed      charges (UK GAAP)(3)**                                                 |   | **1,619**                    |   | **1,657** |   |
|                                                                                |   |                              |   |  |   |
|                                                                                |   |                         |   |   |   |
| Loss on      ordinary activities before taxation                                    |   | (5,047                       | )      | (6,208 | ) |
| Share of operating (profit)/loss      in joint ventures and associated undertakings |   | (546                         | )      | 156 |   |
| Share      of net interest payable of joint ventures and associated undertakings    |   | 215                          |   | 295 |   |
| Loss on ordinary activities      before taxation – discontinued operations     |   | 7                            |   | 272 |   |
| Fixed      charges                                                                  |   | 1,619                        |   | 1,657 |   |
| Dividends received from      associated undertakings and joint ventures             |   | 1,801                        |   | 742 |   |
| Preference      dividends                                                           |   | (77                          | )      | (85 | ) |
|                                                                                |   |                              |   |  |   |
| **Earnings      (UK GAAP)**                                                         |   | **(2,028**                   | **)**  | **(3,171** | **)** |
|                                                                                |   |                              |   |  |   |
| **Ratio of earnings to      fixed charges**                                         |   | **−**                  |   | **−** |   |
| **Deficiency      between fixed charges and earnings**                              |   | **(3,647**                   | **)**  | **(4,828** | **)** |
|                                                                                |   |                         |   |   |   |
|                                                                                     |        |                              |        |  |  |
|                                                                                |   |                         |   |   |   |
|                                                                                |   | **Year      ended 31 March** |   |
| **Under US GAAP (4)**                                                               |   | **2004**                     |   | **2003** |   |
|                                                                                |   | **£m**                 |   | **£m** |   |
| Fixed      charges (UK GAAP)                                                        |   | 1,619                        |   | 1,657 |   |
| One third of rental expense      for Vodafone Italy                                 |   | (71                          | )      | (2 | ) |
| Interest      payable to Vodafone Italy                                             |   | 51                           |   | 40 |   |
|                                                                                |   |                              |   |  |   |
| **Fixed      charges (US GAAP)**                                                    |   | **1,599**                    |   | **1,695** |   |
|                                                                                |   |                              |   |  |   |
|                                                                                |   |                         |   |   |   |
| Earnings      (UK GAAP)                                                             |   | (2,028                       | )      | (3,171 | ) |
| Loss on ordinary activities      before tax of Vodafone Italy                       |   | 1,343                        |   | 1,955 |   |
| Interest      payable to Vodafone Italy                                             |   | (51                          | )      | (40 | ) |
| Connection income                                                                   |   | 29                           |   | 16 |   |
| Goodwill      amortisation charge of subsidiary companies                           |   | (6,520                       | )      | (5,487 | ) |
| Licence fee amortisation                                                            |   | (76                          | )      | (6 | ) |
| Exceptional      items – US GAAP                                               |   | —                       |   | — |   |
| Other                                                                               |   | (137                         | )      | (46 | ) |
| UK GAAP      to US GAAP adjustments to fixed charges                                |   | (20                          | )      | 38 |   |
|                                                                                |   |                              |   |  |   |
| **Earnings      (US GAAP)**                                                         |   | **(7,460**                   | **)**  | **(6,741** | **)** |
|                                                                                |   |                              |   |  |   |
| **Ratio      of earnings to fixed charges**                                         |   | **−**                  |   | **−** |   |
| **Deficiency      between fixed charges and earnings**                              |   | **(9,059**                   | **)**  | **(8,436** | **)** |
|                                                                                |   |                         |   |   |   |

| Notes: |
|--------|

| 1. | All      of the financial information presented in this exhibit is unaudited |
|----|------------------------------------------------------------------------------|

| 2. | Certain      amounts presented herein are prepared under the basis of UK GAAP, which      was the comprehensive body of accounting standards used by the Company in      preparing its consolidated financial statements for periods ending on or      before 31 March 2005. On 1 April 2004, the Company adopted IFRS as the comprehensive      body of accounting standards for preparing its consolidated financial statements.      IFRS differs in certain material respects from UK GAAP and amounts under      UK GAAP are not necessarily comparable to similarly titled amounts under      IFRS. For a discussion of the transition from UK GAAP to IFRS, see note      40 to the Consolidated Financial Statements. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Fixed      charges include (1) interest expensed (2) amortised premiums, discounts      and capitalised expenses related to indebtedness, (3) an estimate of the      interest within rental expense, and (4) preference security dividend requirements      of a consolidated subsidiary. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | For      discussion of significant differences between UK GAAP and US GAAP and a      reconciliation of net income between amounts calculated under UK GAAP and      under US GAAP, see note 36 to the Consolidated Financial Statements in the      Company’s Annual Report on Form 20-F for the year ended 31 March 2005. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

----