Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 19

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 19
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abilities                                               |     |         |         |     |         |       |     |       |         |
| Other liabilities: Debt for acquisition of NYSSA (3)                  |     |         |       - |     |         |   653 |     |       |     653 |
| Total liabilities                                                     |     |         |       - |     |         | 1,351 |     |       |   1,351 |

| (1) | The Mutual funds are included in Cash and cash equivalents         
 and Investments. 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. |

In relation to the fair values set forth above,
as of March 31, 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:

As of March 31, 2025, the fair
value of borrowings is as follows:

|                  |     | Carrying 
 Value    |           |     | Fair  
 Value |           |
| Notes            |     |          | 2,289,671 |     |       | 2,215,136 |
| Other borrowings |     |          | 1,831,047 |     |       | 1,917,365 |
|                  |     |          | 4,120,718 |     |       | 4,132,501 |

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