Public Offer for Endemol

Telefonica SA
13 April 2000


  Interim press release regarding the proposed public offer by Telefonica for   
                                Endemol

    Not for release or distribution in or into the United States of America

  The proposed public offer for the ordinary shares of Endemol will not be made 
                 in or into the United States of America.

With reference to the press release of 17 March 2000 and article 5 paragraph 1
of the Dutch Merger Code (SER-Fusiegedragsregels 1975), Telefonica, S.A. 
('Telefonica') announces that a decision about the making of a public offer for
all the outstanding ordinary shares in the capital of ENDEMOL Entertainment
Holding N.V. ('Endemol') is expected in the first half of June 2000.

The final decision with respect to the making of an offer, as well as the exact
date thereof, depends among other things on the course of the due diligence.

Madrid, 13 April 2000 



This announcement is not an extension of the proposed public offer, directly or
indirectly, in or into the United States of America.  The proposed offer will
not be made, directly or indirectly, in or into the United States of America,
and it will not be permitted to be accepted in or from the United States of
America.