Has phosphatase activity toward PtdIns(4,5)P2, and in vitro toward PtdIns(3,5)P2 and PtdIns(3,4,5)P3. Cannot dephosphorylate PtdIns(5)P, Ins(1,4,5)P3 and Ins(1,3,4,5)P4. a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-4,5-bisphosphate) + H2O = a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol 4-phosphate) + phosphate a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-3,4,5-trisphosphate) + H2O = a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-3,4-bisphosphate) + phosphate A number of isoforms are produced. According to EST sequences. Expressed ubiquitously. Induced by abscisic acid (ABA), jasmonic acid (JA) and auxin (PubMed:15181205). Up-regulated in seedlings and down-regulated in mature plant by salt stress (PubMed:21677096). Alterations in germination and in dark-growth seedlings. Elevated level of Ins(1,4,5)P3 and InsP2 levels. Belongs to the inositol polyphosphate 5-phosphatase family. It is uncertain whether Met-1 or Met-4 is the initiator. Truncated N-terminus.