Release of a C-terminal dipeptide, oligopeptide-|-Xaa-Yaa, when Xaa is not Pro, and Yaa is neither Asp nor Glu. Thus, conversion of angiotensin I to angiotensin II, with increase in vasoconstrictor activity, but no action on angiotensin II. Binds 1 zinc ion per subunit. Chloride. Activated by chloride. Inhibited by captopril and lisinopril, and to a lesser extent by delaprilat. Epithelial cells of the midgut. Expressed at stages 1 and 2. Belongs to the peptidase M2 family.