Plasminogen-activator inhibitor type 2 (PAI-2) is a specific inhibitor of plasminogen activators (PA) that exists in an intracellular, low-molecular-mass form and a secreted, high-molecular-mass form that varies with respect to glycosylation. Here we have developed expression systems for both forms of PAI-2 and biochemically characterised the purified proteins. In order to obtain efficient secretion, we constructed an artificial signal sequence and fused it to the coding region of PAI-2. With this construct, more than 90% of PAI-2 was secreted as a glycosylated, 60-kDa molecularmass form, but the level of expression was low and unstable. To obtain higher expression of secreted PAI-2, a novel expression vector based on the Semliki-forest-virus replicon was used. Secreted PAI-2 was purified to homogeneity and N-terminal sequence analysis showed that the artificial signal peptide was correctly removed. The intracellular, non-glycosylated form of PAI-2 was expressed in Escherichia coli and purified to homogeneity. Both the secreted and the intracellular forms of PAI-2 were found to inhibit plasminogen activators by forming SDS-resistant complexes and the secondorder rate constants were similar for both forms, ranging over 2.4-2.7XlO6 M-'s-' for urokinasetype PA, 2.5-2.7X105 M-'s-' for two-chain tissue-type PA and 0.8-1.2X104M-'s-1 for singlechain tissue-type PA. None of the purified PAI-2 forms bound to vitronectin.Circular-dichroism spectral analysis revealed that PAI-2 has a CD spectrum that resembles ovalbumin more than PA-inhibitor type 1, confirming the greater similarity between these two members of the serine-protease inhibitor family. Similar to what has been described for the Z-form of alantitrypsin, purified PAI-2 was found to spontaneuosly form polymers during incubation at room temperature. Attempts to convert PAI-2 to a stable locked conformation resembling the conformation of latent PAI-1 by treatment with diluted guanidinium chloride were unsuccessful. Instead, this treatment enhanced the formation of PAI-2 polymers, possibly by the loop-sheet polymerisation mechanism described for a, -antitrypsin.The generation of plasmin by plasminogen activators (PA) provides an important source for controlled proteolytic activity in many physiological processes including fibrinolysis, inflammation, cell migration, ovulation and metastasis formation [l -41. In mammals there are two types of PAS, tissue-type PA (tPA) and urokinase-type PA (uPA), that both convert plasminogen into the active protease plasmin [l -41. Regulation of PA activity occurs at many levels including the specific inhibition of PA activity by PA inhibitors [2,. Two distinct inhibitors of PA activity are widely recognised. These are PA-inhibitor type 1 (PAI-1) and PA-inhibitor type 2 (PAI-2), both synthesised in a regulated fashion by various cell types in response to different stimuli [8-101.PAI-2 is an efficient inhibitor of uPA and the two-chain form of tPA that belongs to the serine protease inhibitor super family (SERPIN) [11 -1 31. Although...