Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 54

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 54
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 and Aline Eva Herrnstadt disclaim any beneficial ownership of the shares other than to the extent of any pecuniary interest he or she   
 may have therein, directly or indirectly. Information is based on the Schedule 13G/A filed by the shareholder on February 14, 2025, and 
 information provided by the shareholder to the Company.                                                                                 |

| (4) | Held directly and indirectly through Emerald Bay 24 LLC. Information                                                                     
 is based on the Schedule 13G/A filed by the shareholder on February 8, 2024, and information provided by the shareholder to the Company. |

| (5) | Held directly and indirectly through Aqua Crystal Investments                                                                             
 Ltd. Information is based on the Schedule 13G/A filed by the shareholder on February 8, 2024, and information provided by the shareholder 
 to the Company.                                                                                                                           |

| (6) | Information is based on the Schedule 13G filed by the shareholder                                                               
 on February 14, 2025. Consists of 14,592,826 Class A common shares held indirectly through Unsal Holdings Limited and 1,753,798 
 Class A common shares held indirectly through St. Bull Financial Services Inc, classified as public float.                      |

| (7) | Held indirectly through Nordau Inc. Information is based on       
 the Schedule 13G/A filed by the shareholder on February 21, 2023. |

| (8) | Mr. Ribeiro, a member of our board of directors, is a managing                                                                       
 director at General Atlantic. Mr. Ribeiro disclaims beneficial ownership of the shares held by GA DO, GA DO SPV and GA DLO except to 
 the extent, if any, of his pecuniary interest therein.                                                                               |

| (9) | Mr. Escobari, a member of our board of directors, is a managing                                                                       
 director of General Atlantic. Mr. Escobari disclaims beneficial ownership of the shares held by GA DO, GA DO SPV and GA DLO except to 
 the extent, if any, of his pecuniary interest therein.                                                                                |

| (10) | Held indirectly through Bosinja Limited based on information provided by the shareholder to the Company. |

<div align='center'>S-36

Taxation</div>

The following summary contains a description of
certain Cayman Islands and U.S. federal income tax consequences of the acquisition, ownership and disposition of our Class A common