Proteolytically removes the C-terminal three residues of farnesylated and geranylated proteins. The substrate specificity is only partially overlapping with that of FACE1. Inhibited by L-1-tosylamido-2-phenylethyl chloromethyl ketone (TPCK) and N-ethylmaleimide, but not by EDTA. Expressed in seeds, stems, leaves, flowers and siliques. Belongs to the peptidase U48 family.