Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 59

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 59
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| · | a person that holds Class A common shares in connection with a trade or business conducted outside of the United States or in connection 
 with a permanent establishment or other fixed place of business outside of the United States.                                            |

If a partnership (or other entity or arrangement
classified as a partnership for U.S. federal income tax purposes) holds our Class A common shares, the U.S. federal income tax treatment
of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding Class A common
shares and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax considerations
of owning and disposing of the Class A common shares.

This discussion is based on the Code, administrative
pronouncements, judicial decisions, and final, temporary and proposed Treasury regulations, all as of the date hereof, any of which is
subject to change, possibly with retroactive effect.

For purposes of this discussion, a “U.S.
Holder” is a beneficial owner of Class A common shares that is for U.S. federal income tax purposes:

| · | a citizen or individual resident of the United States; |

| · | a corporation created or organized in or under the laws of the United States, any state therein or the District of Columbia or otherwise 
 treated as a domestic corporation; or                                                                                                    |

| · | an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. |

Except where otherwise indicated, this discussion
assumes that we are not, and will not become, a PFIC, as described below.

Taxation of Distributions

<div align='center'>S-38</div>

In the event that we pay distributions on our
Class A common shares, those distributions will be treated as dividends for U.S. federal income tax purposes to the extent paid out of
our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations
of our earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported to
U.S. Holders as dividends. Subject to applicable limitations, dividends paid to a non-corporate U.S. Holder will be “qualified dividend
income” and therefore may be taxable at rates applicable to long-term capital gains, provided the Class A common shares on which
the dividends are paid are readily tradable on an established securities market in the United States