Functions as a calcium-regulated nucleotide exchange factor activating both Ras and RAC1 through the exchange of bound GDP for GTP. Preferentially activates HRAS in vivo compared to RRAS based on their different types of prenylation. Functions in synaptic plasticity by contributing to the induction of long term potentiation. . This is the function of Ensembl gene identifier ENSG00000113319 (RASGRF2, Ras protein specific guanine nucleotide releasing factor 2).