Enables 3,4-dihydrocoumarin hydrolase activity and arylesterase activity. Involved in coumarin catabolic process and phenylacetate catabolic process. Located in extracellular space and intracellular membrane-bounded organelle. Human ortholog(s) of this gene implicated in Alzheimer's disease; amyotrophic lateral sclerosis; and atherosclerosis. Orthologous to human PON3 (paraoxonase 3). [provided by Alliance of Genome Resources, Apr 2022]