Business: AltaGas Ltd. Cumulative Redeemable 5-Year Reset Rate Preferred Shares Series K, liquidation preference $25 Canadian dollars per share, redeemable at the issuer's option on or after 03/31/2022 and every March 31st in every fifth year thereafter at $25 Canadian dollars per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 5.00% per annum ($1.25 Canadian dollars per annum or $0.3125 Canadian dollars per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is one business day prior to the record date). After 03/31/2022 The Dividend Rate will be equal to the sum of the Government of Canada Yield of a Canadian dollar denominated non-callable Government of Canada 5 year maturity bond on the applicable fixed rate calculation date plus 3.80% with a minumum rate of 5.00% (see prospectus for more details). <p> On 03/31/2022 and every March 31st in every fifth year there after the holder will have the right to convert their Series K shares into AltaGas Ltd Cumulative Redeemable Floating Rate Preferred Shares, Series L (see prospectus for more details). <p> In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company.