Participates in the second catalytic step of pre-mRNA splicing, when the free hydroxyl group of exon I attacks the 3- splice site to generate spliced mRNA and the excised lariat intron. Required for holding exon 1 properly in the spliceosome and for correct AG identification when more than one possible AG exists in 3-splicing site region. May be involved in the activation of proximal AG. Probably also involved in alternative splicing regulation.