Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 68

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 68
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, 2024
and 2023 no dividends were distributed.

As of December 31, 2024, there is a balance
of 63,665 available for payment to minority shareholders and treasury shares.

All the preceding figures are expressed at nominal
values, without restatement, as described in Note 2.1.b).

| c) | Legal Reserve |

According to the General Companies Law, Argentine
companies must allocate at least 5% of their annual profits to a legal reserve until such reserve reaches 20% of the capital stock. As
of December 31, 2024, TMA's reserve amounted to 36,780,940,594.

| d) | Retained Earnings |

Retained earnings include TMA's undistributed
results less the dividends declared in favor of shareholders.

The Tax Reform Law enacted at the end of 2017
set forth, among other things, a reduction in the tax rate to 30% for 2019, and to 25% starting in 2020, and imposed a tax on dividends
paid by Argentine entities of 7% for 2019 and 13% as from 2020, so that companies will pay the 35% rate only if they distribute all their
profits to their shareholders. Subsequently, the Social Solidarity and Productive Reactivation Law suspended the reduction of the tax
rate on profits to 25% and the increase in the dividend tax to 13% for fiscal years ending before January 1, 2021. As detailed in
note 16, during fiscal year 2021, Law 27,630 was enacted, which once again amended the tax rate, setting forth that companies will pay
a 25% tax on the first 5 million pesos of profits, 30% on profits exceeding 5 million pesos, up to 50 million pesos, and 35% on profits
exceeding 50 million pesos, while maintaining the 7% dividend tax. Additionally, the tax reform enacted at the end of 2017 also repealed
the equalization tax that had been in effect until 2017, which imposed a 35% withholding on dividend distributions exceeding accumulated
taxable income. The tax rate on dividends may vary depending on the shareholder's country of residence, due to possible international
double taxation treaties.

On March 28, 2023, the General Ordinary and
Extraordinary Shareholders’ Meeting of the Company resolved to allocate the accumulated negative