Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 56

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 56
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 (As
Revised), the following undertaking is hereby given to the Company:

1. That no law which is hereafter enacted
in the Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations and

| 2. | In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance 
 tax shall be payable.                                                                                                                    |

| 2.1 | On or in respect of the shares, debentures or other obligations of the Company; or |

| 2.2 | by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act (As Revised). |

These concessions shall be for a period 20 years
from January 2021.

U.S. Federal Income Tax Considerations

<div align='center'>S-37</div>

The following is a description of the material
U.S. federal income tax considerations to U.S. Holders (as defined below) of owning and disposing of our Class A common shares, but it
does not purport to be a comprehensive description of all tax considerations that may be relevant to a particular person’s decision
to acquire our Class A common shares. This discussion applies only to a U.S. Holder that holds our Class A common shares as capital assets
for U.S. federal income tax purposes. This discussion does not address the U.S. federal estate or gift tax or the effects of any state,
local or non-U.S. tax laws. In addition, it does not describe all of the tax considerations that may be relevant in light of a U.S. Holder’s
particular circumstances, including alternative minimum tax considerations, the potential application of the provisions of the Code known
as the Medicare contribution tax and tax considerations applicable to investors subject to special rules, such as:

| · | a bank, insurance company or one of certain other financial institutions; |

| · | a dealer or trader in securities who uses a mark-to-market method of tax accounting; |

| · | a person holding a Class A common share as part of a straddle, wash sale, conversion transaction or integrated transaction or entering 
 into a constructive sale with respect to a Class A common share;                                                                       |

| · | a person whose functional currency for U.S. federal income tax purposes is not the U.S. dollar; |

| · | a person that is subject to