Company: DLO
Filing Date: 2025-09-03
Form Type: F-3ASR
Source: 0000950103-25-011186
Chunk: 13

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: F-3ASR
Chunk 13
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-to-one voting ratio between our Class B common shares
and Class A common shares, holders of our Class B common shares will in many situations continue to maintain control of all matters requiring
shareholder approval. This concentration of ownership and voting power will limit or preclude your ability to influence corporate matters
for the foreseeable future. For more information see “—Preemptive or Similar Rights.”

dLocal’s Articles of Association also provide
that the issuance of non-voting common shares requires the affirmative vote of a majority of the of then-outstanding Class A common shares.

Fiscal Year

dLocal’s fiscal year begins on January 1
of each year and ends on December 31 of the same year.

Voting Rights

The holders of the Class A common shares and Class
B common shares have identical rights, except that (1) each holder of Class B common shares is entitled to five votes per share, whereas
each holder of Class A common shares is entitled to one vote per share; and (2) Class B common shares have certain conversion rights and
(3) the holders of Class B common shares are entitled to maintain a proportional ownership interest in the event that additional Class
A common shares are issued. For more information see “—Preemptive or Similar Rights.” The holders of Class A common
shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote
of shareholders, except as provided below and as otherwise required by law.

dLocal’s Articles of Association provide
as follows regarding the respective rights of holders of Class A common shares and Class B common shares:

| (1) | class consents from the holders of Class A common shares and Class B common shares, as applicable, shall be required for any variation    
 to the rights attached to their respective class of shares, however, the Directors may treat any two or more classes of shares as forming 
 one class if they consider that all such classes would be affected in the same way by the proposal;                                       |

| (2) | the rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class 
 B common shares and vice versa; and                                                                                                 |

| (3) | the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or 
 issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights.