Company: DLO
Filing Date: 2025-09-03
Form Type: F-3ASR
Source: 0000950103-25-011186
Chunk: 24

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: F-3ASR
Chunk 24
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 the Grand Court of the Cayman Islands.

Exempted Company

dLocal is an exempted company with limited liability
under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that
is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted
company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges
listed below:

| · | an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies; |

| · | an exempted company’s register of shareholders is not open to inspection; |

| · | an exempted company does not have to hold an annual general meeting; |

| · | an exempted company may issue shares with no par value; |

| · | an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 
 20 years in the first instance);                                                                                                     |

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| · | an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; |

| · | an exempted company may register as a limited duration company; and |

| · | an exempted company may register as a segregated portfolio company. |

“Limited liability” means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances,
such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which
a court may be prepared to pierce or lift the corporate veil).

dLocal is subject to reporting and other informational
requirements of the Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in this prospectus, dLocal currently
complies and intends to continue to comply with the Nasdaq rules in lieu of following home country practice.

Anti-Takeover Provisions in Our Articles of Association

Some provisions of the Articles of Association
may discourage, delay or prevent a change in control of dLocal or management that shareholders may consider favorable. These provisions,
which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are
also designed to encourage persons seeking to acquire control of dLocal to first negotiate with the board of directors. However, these
provisions could