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

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 13
---
 interest and other financial cost   |          - |         88,162 |     88,162 |
| Foreign currency exchange gains             |          - |     -1,332,532 | -1,332,532 |
| Currency translation adjustments            |          - |        -37,213 |    -37,213 |
| Total at 03/31/24                           |     64,360 |     -1,281,583 |  3,814,104 |

<div align='center'>F-17</div>

| TELECOM        
 ARGENTINA S.A. |

Recent developments of Borrowings for the three-month
period ended March 31, 2025 are detailed below:

| a) | Bank and other financing entities 
 loans                             |

The acquisition of TMA, described in Note 16, was financed by Telecom through two loans totaling US$1,170 million (net of issuance costs US$ 1,142 million, equivalent to $ 1,287,480 million in current currency as of March 31, 2025). Its main characteristics are:

| Entities            | Currency | Principal residual 
      nominal value | Maturity date               | Amortization                        | Interest rate                      | Spread                  | Interest payment date |
| (in millions)       |          |                    |                             |                                     |                                    |                         |                       |
| Syndicated loan (1) | US$      |                970 | 02/2029                     | In one installment at maturity date | Variable annual rate: SOF 3 months | Between 4.00% and 7.00% | Quarterly basis       |
| Bilateral loan (2)  | US$      |                200 | Between 02/2028 and 02/2030 | Semiannually from 02/2028           | Variable annual rate: SOF 3 months | 4.00%                   | Quarterly basis       |

| (1) | An unsecured syndicated loan granted                                                               
 by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London Branch and Banco Santander, S.A. |
| (2) | An unsecured bilateral loan granted                                                                
 by Industrial and Commercial Bank of China (Argentina) S.A.U., governed by Argentine law.          |

These loans establish, among other provisions,
the obligation to comply with certain financial ratios, which are calculated based on contractual definitions, on a quarterly basis, along
with the presentation