BELL, BOYD & LLOYD LLC                        THREE FIRST NATIONAL PLAZA
                                              70 WEST MADISON STREET, SUITE 3300
                                              CHICAGO, ILLINOIS 60602-4207
                                              312.372.1121   FAX 312.372.2098

                                              OFFICES IN CHICAGO
                                              AND WASHINGTON, D.C.



                                  May 21, 2003




Nuveen Preferred and Convertible Income Fund 2
333 West Wacker Drive
Chicago, Illinois  60606

Ladies and Gentlemen:

                 Nuveen Preferred and Convertible Income Fund 2

     We have acted as counsel for Nuveen Preferred and Convertible Income Fund 2
(the "Fund") in connection with the registration under the Securities Act of
1933 (the "Act") of certain of its common shares of beneficial interest (the
"Shares") in registration statement no. 333-104599 on form N-2 as it is proposed
to be amended by pre-effective amendment no. 1 (as proposed to be amended, the
"Registration Statement").

     In this connection we have examined originals, or copies certified or
otherwise identified to our satisfaction, of such documents, corporate and other
records, certificates and other papers as we deemed it necessary to examine for
the purpose of this opinion, including the agreement and declaration of trust
and by-laws of the Fund, actions of the board of trustees of the Fund
authorizing the issuance of shares of the Fund and the Registration Statement.

     We assume that, upon sale of the Shares, the Fund will receive the
authorized consideration therefor, which will at least equal the net asset value
of the Shares.

     Based upon the foregoing, we are of the opinion that when the Shares are
issued and sold after the Registration Statement has been declared effective and
the authorized consideration therefor is received by the Fund, they will be
legally issued, fully paid and nonassessable by the Fund, except that, as set
forth in the Registration Statement, shareholders of the Fund may under certain
circumstances be held personally liable for obligations of the Fund.

     In rendering the foregoing opinion, we have relied upon the opinion of
Bingham McCutchen LLP expressed in their letter to us dated May 21, 2003.




BELL, BOYD & LLOYD LLC                        THREE FIRST NATIONAL PLAZA
                                              70 WEST MADISON STREET, SUITE 3300
                                              CHICAGO, ILLINOIS 60602-4207
                                              312.372.1121   FAX 312.372.2098

                                              OFFICES IN CHICAGO
                                              AND WASHINGTON, D.C.


     We consent to the filing of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not admit that we are in the category
of persons whose consent is required under section 7 of the Act.

                                                    Very truly yours,


                                                    /s/ Bell, Boyd & Lloyd LLC