We study the exact, non-deterministic conversion of multipartite pure quantum states into one-another via local operations and classical communication (LOCC) and asymptotic entanglement transformation under such channels. In particular, we consider the maximal number of copies of any given target state that can be extracted exactly from many copies of any given initial state as a function of the exponential decay in the success probability, known as the converse error exponent. We give a formula for the optimal rate presented as an infimum over the asymptotic spectrum of LOCC conversion. A full understanding of exact asymptotic extraction rates between pure states in the converse regime thus depends on a full understanding of this spectrum. We present a characterization of spectral points and use it to describe the spectrum in the bipartite case. This leads to a full description of the spectrum and thus an explicit formula for the asymptotic extraction rate between pure bipartite states, given a converse error exponent. This extends the result on entanglement concentration in [1], where the target state is fixed as the Bell state. In the limit of vanishing converse error exponent, the rate formula provides an upper bound on the exact asymptotic extraction rate between two states, when the probability of success goes to 1. In the bipartite case, we prove that this bound holds with equality.