Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 57

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 57
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 the “applicable financial statement” rules under Section 451(b) of the Code; |

| · | an entity or arrangement classified as a partnership for U.S. federal income tax purposes; |

| · | a tax-exempt entity, including an “individual retirement account” or “Roth IRA;” |

| · | a person that owns or is deemed to own ten percent or more of our stock (by vote or value); |

| · | a person who acquired our Class A common shares pursuant to the exercise of an employee stock option or otherwise as compensation; 
 or                                                                                                                                 |

| · | 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