mlike, your info is correct and my info was incorrect. The conversion is as per your post which makes the ICULs more attractive. 66c and 99c is the equivalent value of conversion of the ICULS at issue price.

Angielim9955. YTLLand LA is a 10 yr ICULS issued on 31 Oct 2011 and the first 4 years is at 3% which has expired. In May recently they paid out the first dvd at 4.5% based on 50c ICUL. Since the share is now at 46c the dvd is equivalent to 4.89%. After another 3 years the dvd will go up to 6% as per mlikes info, for another 3 years. Conversion after 4th anniversay, which is from now, is 0.99c plus 1.98 ICULS and conversion after the 7th anniversary is .66c and 1.32 ICULS. It all depends on the mother share price whether it is worth converting. The risk is that should the mother share price be below 1.27 before the ICULS expire, one may not make money on the conversion. Please check with your stock broker.