Company: DLO
Filing Date: 2025-09-03
Form Type: F-3ASR
Source: 0000950103-25-011186
Chunk: 26

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: F-3ASR
Chunk 26
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 powers granted to them under the Articles
of Association, for what they believe in good faith to be in the best interests of dLocal.

<div align='center'>17</div>

Protection of Non-Controlling Shareholders

The Grand Court of the Cayman Islands may, on
the application of shareholders holding not less than one fifth of the shares of dLocal in issue, appoint an inspector to examine the
Company’s affairs and report thereon in a manner as the Grand Court shall direct.

Subject to the provisions of the Companies Act,
any shareholder may petition the Grand Court of the Cayman Islands, which may make a winding up order, if the court is of the opinion
that this winding up is just and equitable.

Notwithstanding the U.S. securities laws and regulations
that are applicable to dLocal, general corporate claims against dLocal by its shareholders must, as a general rule, be based on the general
laws of contract or tort applicable in the Cayman Islands or their individual rights as shareholders as established by dLocal’s
Articles of Association.

The Grand Court of the Cayman Islands ordinarily
would be expected to follow English case law precedents, which permit a minority shareholder to commence a representative action against
dLocal, or derivative actions in dLocal’s name, to challenge (1) an act which is ultra vires or illegal; (2) an act which
constitutes a fraud against the minority and the wrongdoers themselves control dLocal; and (3) an irregularity in the passing of a resolution
that requires a qualified (or special) majority.

Registration Rights and Restricted Shares

The shareholders of dLocal or entities controlled
by them or their permitted transferees will be able to sell their shares in the public market from time to time without registering them,
subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC. In connection
with our initial public offering, we entered into the Registration Rights Agreement with the Participating Shareholders. See “Item
7. Major Shareholders and Related Party Transactions—B. Related party transactions—Registration Rights Agreement” in
the 2024 Form 20-F.

<div align='center'>18

Service of Process
and Enforcement of Civil Liabilities</div>

We are registered under the laws of the Cayman
Islands as an exempted company with limited liability. We are registered in the Cayman Islands because of certain benefits associated
with being a Cayman Islands company