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Hydrolysis of the acetyl group from the 1-alkyl-2-acetyl and 1-alkyl-3-acetyl substrates occurs at apparently identical rates. The enzyme from Erlich ascites cells is membrane-bound. It differs from lipoprotein lipase (EC 220.127.116.11) since 1,2-diacetyl-sn-glycerols are not substrates. It also differs from EC 18.104.22.168, 1-acetyl-2-alkyl-glycerophosphocholine esterase.