(a) Synthesis of PI(4,5)P2 derivatives 1a,b and 2a,b. Reagents and conditions: (a) CH2Cl2:HCO2H 4:1, room temperature (rt), 3 hr, 88%; (b) (FmO)2P-NiPr27, 1H-tetrazole, CH2Cl2, rt, 1 hr, then AcO2H, −80°C-rt, 1 hr, 83% over two steps; (c) (Coum)(FmO)P-NiPr28, 1H-tetrazole, CH2Cl2, rt, 1 hr, then AcO2H, −80°C-rt, 1 hr; (d) CH2Cl2:HCO2H 1:19, rt, 6 hr; (e) Pr-C(OMe)3, CH2Cl2, JandaJel pyridinium trifluoroacetate, rt, 23 hr, 38% based on 3. For 1a,b: (f) (dioctanoylglycerol)(OFm)P-NiPr211, 1H-tetrazole, CH2Cl2, rt, 1 hr, then AcO2H, −80°C-rt, 1 hr, 67% over two steps; (g) CH2Cl2, EtNMe2, rt, 30 min; (h) acetoxymethyl bromide, N,N-diisopropylethylamine, MeCN, rt, 22 hr, 65% over two steps. For 2a,b: f) (stearoyl-arachidonylglycerol)(OFm)P-NiPr214, 1H-tetrazole, CH2Cl2, rt, 1 hr, then AcO2H, −80°C-rt, 1 hr, 89% over two steps; (g) CH2Cl2, EtNMe2, rt, 30 min; (h) acetoxymethyl bromide, N,N-diisopropylethylamine, MeCN, rt, 22 hr, 43% over two steps. (b) Structure of the caged, membrane-permeant PI(4,5)P2 derivative 2b. (c) Structure of the de-esterified and uncaged, predominant naturally occurring PI(4,5)P2 variant. (left panel) Ac: acetyl; AM: acetoxymethyl; Bt: butyryl; Coum: 7-diethylamino-4-methyl-2-oxo-2H-chromenyl; Fm: 9-fluorenylmethyl.