An esterase isolated from Penicillium frequentans IMI 92265 selectively hydrolyses the acetoxyethyl ester in preference to the acetoxymethyl esters in the triacetate substrate 1,4-diacetoxy-2-acetoxymethylbutane (1) which was converted to 4-acetoxy-3-acetoxymethylbutan-l-ol (2) in good yield. The enzyme gave no detectable hydrolysis of l,3-diacetoxy-2-acetoxymethylpropane (4). When immobilised to a cyanogen bromide activated Sepharose resin the enzyme was highly stable and showed no loss of regioselectivity in the hydrolysis of (1). A method is described for the elective isolation of microorganisms which have the ability to hydrolyse (1).