CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form N-2) and related prospectus and statement of
additional information of the Nuveen Preferred and Convertible Income Fund 2
filed with the Securities and Exchange Commission in the Pre-effective Amendment
No. 1 to the Registration Statement under the Securities Act of 1933 (File No.
333-104599) and in this Amendment No. 1 to the Registration Statement under the
Investment Company Act of 1940 (File No. 811-21333).



                             /s/ ERNST & YOUNG LLP






Chicago, Illinois
May 21, 2003