Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 120

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 120
---
4 
 (latest data) vs. 5.7% in September 2023.                 |

| • | The accumulated inflation for 2024 reached 117.8% 
 (CPI).                                            |

Regarding the last point, the monetary authority
has gradually eased certain regulations for access to the foreign exchange market, although other restrictions remain in place. These
measures, aimed at containing volatility in the financial market, require prior authorization from the Central Bank of the Republic of
Argentina for certain transactions. Foreign currency assets and liabilities as of December 31, 2024 have been valued based on the
prevailing exchange rates in the official foreign exchange market (MULC).

The environment of volatility and uncertainty
continues as of the issue date of these financial statements. The Company’s Management continuously monitors the evolution of variables
affecting its business to define its course of action and identify potential impacts on its financial condition. The Company’s financial
statements should be read in light of these circumstances.

| 21. | Corporate Reorganization of TASA and TMA |

On March 29, 2023, the Boards of Directors
of TASA and TMA approved a preliminary merger agreement, under which TMA agreed to absorb TASA in accordance with Section 82 and
related sections of the General Companies Law (“GCL”). The transaction was carried out under the corporate reorganization
contemplated in Sections 80 and 81 and related sections of Income Tax Law No. 20,268 and Sections 172 to 176 of the regulatory decree
of such Law.

The Extraordinary General Meetings of TASA and
TMA, held on April 17, 2023, approved the Corporate Reorganization, along with the financial statements of their respective companies
as of December 31, 2022, the Consolidated Special Merger Balance Sheet as of December 31, 2022, and the corresponding preliminary
merger agreement entered into on March 29, 2023, including the share exchange ratio contemplated therein.

Additionally, and as a result of the reorganization
process, the above referred Extraordinary General Meeting of Telefónica Móviles Argentina S.A. approved a capital increase
through the issuance of shares of $1 nominal amount each and entitled to one vote per share, totaling 1,450,022,273 shares, which were
delivered to the shareholder TLH HoldCo in exchange for the shares it held in TASA.

On December 29