Company: TCMFF
Filing Date: 2025-11-12
Form Type: 6-K
Source: 0001104659-25-110392
Chunk: 15

Company: TELECOM ARGENTINA SA
Filing Date: 2025-11-12
Form: 6-K
Chunk 15
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 and Guarantee of financial operations included in Other receivables. The Government bonds are included in Investments.                 |
| (2) | The fair value is based on information obtained from active markets and corresponds to quoted market prices                            
 as of period-end. A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide 
 pricing information on an ongoing basis.                                                                                               |
| (3) | The fair value was determined by the variation between the quoted values of certain public securities                                  
 in foreign currency and Argentine pesos.                                                                                               |
| (4) | DFI for forward purchases of US dollars, calculated by the variation between the market prices at the                                  
 end of the period and the time of agreement.                                                                                           |

In relation to the fair values set forth above,
as of September 30, 2025, there were no changes in the methods and assumptions used with respect to what was reported in Note 22
to the consolidated financial statements as of December 31, 2024.

The Company also has certain financial instruments
that are not measured at fair value for which the book value approximates their fair value, except for:

Borrowings

As of September 30, 2025, the fair value of
borrowings is as follows:

|                  | Carrying Value | Fair Value |
| Notes            |      3,810,334 |  3,641,694 |
| Other borrowings |      1,310,590 |  1,332,463 |
|                  |      5,120,924 |  4,974,157 |

<div align='center'>F-27</div>

| TELECOM ARGENTINA S.A. |

The fair value of the loans was assessed as follows:

| a) | The fair value of Notes traded in active markets was measured based on quoted market prices at the end 
 of the reporting period. As a result, its valuation classifies as Level 1.                             |
| b) | The fair value of Notes that are not traded in an active market was measured based on quotes provided  
 by first-tier financial entities, so their valuation qualifies as Level 2.                             |
| c) | For the rest of the borrowings, the fair values were calculated based on cash flows discounted using a 
 current lending rate, so as they are classified as level 3.                                            |

NOTE 11 – PURCHASE COMMITMENTS

As of September 30, 2025 and December