Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 91

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 91
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 47, sub-section b) of Law 24,240 of December 1, 2022. The amounts involved in this litigation as
of December 31, 2024 amount to 10,878 million pesos, according to the first-instance ruling.

Other claims from customer associations

In addition to the above-mentioned claims, TMA
is subject to other claims filed by several customer associations. Although the Company has not made any provisions for these claims,
TMA may ultimately be liable to pay the full or a substantial part of the amount claimed by the plaintiffs. However, as of the date hereof
there is no further information on these claims, nor a final resolution thereof, for which it is not possible to make a more precise estimate
of these cases.

| 15. | Risk Management Policy |

TMA is exposed to various financial market risks
in the ordinary course of its business operations. The main market risks affecting TMA are:

| · | Liquidity risk: TMA is exposed to liquidity                                                                                              
 risk if there is a mismatch between the need for funds (including operating and financial expenses and investments) and the sources of   
 funding (including revenues, divestitures, credit facilities from financial institutions and financing instruments from related parties, 
 including capital contributions). The cost of raising funds is also affected by the financial conditions in Argentina.                   |

| · | Exchange rate risk: TMA is exposed to                                                                                                     
 exchange rate risk because its functional currency is the peso and the value of financial assets and liabilities in currencies other than 
 TMA's functional currency is subject to variations resulting from fluctuations in exchange rates.                                         |

| · | Credit risk: TMA is exposed to the possibility                                                                                
 that a third party may not comply with its contractual obligations, which could adversely affect TMA's results of operations. |

Liquidity Risk

TMA's general financial policy is to manage liquidity
to ensure that the necessary funds to cover future obligations are available through funds from operations and, occasionally, financing
from related parties or third parties. TMA's Management believes that any future negative working capital will continue to be reasonably
financed by suppliers or financial institutions, or eventually by Telefónca’s related parties.

Exchange Rate Risk

TMA actively manages the exchange rate risk through
the use of financial assets to minimize such risks and optimize TMA's financial cost. In this way, the Company seeks to protect its solvency
and financial results. The Company may engage in exchange rate hedging