Endemol NV IPO- Offer price

Telefonica SA
22 November 2005



Telefonica S.A., as provided in article 82 of the Spanish Securities Market Act
(Ley del Mercado de Valores), hereby reports the following:


Regarding the Initial Public Offering (IPO) of Endemol N. V., and further to the
press release delivered on November 10, 2005, the offer price has been set today
at 9 euros per share. Likewise, it has been determined that the number of shares
offered reaches 27,901,786 ordinary shares, representing 22.32% of the Company
share capital (excluding the green shoe granted to the Underwriters, which
amounts 3,348,214 shares, representing 2.68% of the Company share capital).


Today, November 22, 2005  is expected to be the first trading day of Endemol
shares on Euronext Amsterdam.


Madrid, November 22nd, 2005


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