Nuveen Preferred and Convertible Income Fund 2 Data Now Available.

CHICAGO -- Nuveen Investments, a leading provider of diversified investment services, today announced that the latest fund data for the Nuveen Preferred and Convertible Income Fund 2 (NYSE:JQC) is now available. The information is posted on Nuveen's web site at http://www.nuveen.com/ETF/products/fqf.aspx?fundid=JQC. For further information, call 800-257-8787 or write to Nuveen Investments, 333 W. Wacker Drive, Chicago, IL 60606.

Standard information available for Nuveen closed-end funds includes pricing, performance, share price, NAV, premium/discount history, distribution history and expense ratios. Additional information is also available and updated regularly, including:

Monthly Portfolio Holdings: A complete list of the individual securities held in a fund's portfolio. This information is updated monthly.

Earnings Per Share: Average monthly earnings per common share for each fund, calculated using actual earnings over the previous six months.

Declared Distribution: The most recent previously declared monthly distribution per common share.

Managed Distribution: Fixed amount of net investment income and net realized and unrealized capital gains per common share.

Tax Characteristics Estimates: The latest estimates of the tax characteristics of the fund's monthly distributions, including net investment income, realized and unrealized capital gains, and/or return of capital.

Interest Rate Swap Schedules: A schedule of outstanding interest rate swap transactions for those Nuveen taxable closed-end funds that currently have outstanding interest rate swap positions. Nuveen's taxable closed-end funds may enter into interest rate swaps to enhance the consistency of portfolio earnings by mitigating the risks of rising short-term rates that can impact a leveraged fund's short-term borrowing costs. This information is updated monthly to include those funds participating in interest rate swap transactions.

About Nuveen Investments

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutions and high-net-worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its highly specialized investment teams, each with its own brand name and area of expertise: NWQ, specializing in value-style equities; Nuveen, managing fixed-income investments; Santa Barbara, committed to growth equities; Tradewinds, specializing in global value equities; Rittenhouse, focused on "blue-chip" growth equities; and Symphony, with expertise in alternative investments as well as equity and income portfolios. In total, the Company manages $149 billion in assets. Nuveen Investments is listed on The New York Stock Exchange and trades under the symbol "JNC."

About Nuveen Closed-End Funds

Nuveen funds strive to provide dependable monthly distributions over time. Generally, there will be a close relationship between what a fund earns (net of expenses) and what it pays in distributions. However, since net earnings rates will fluctuate from month to month while distributions tend to remain relatively stable, there will be periods when a fund may modestly overearn or underearn its distribution. This results in additions to or draws from the fund's undistributed net investment income (UNII) balance. Just as earnings rates may vary, the appropriate UNII balance for each fund may vary over time because of fund activity or market factors. Fund management looks at a fund's current and anticipated net earnings rates, as well as the fund's current and desired amounts of UNII, when setting monthly distributions. JQC and other Nuveen funds have adopted a managed distribution policy under which the funds seek to maintain a stable monthly distribution level, stated in terms of a fixed amount per common share, representing net investment income and net realized capital gains and, if necessary, return of capital. There is no guarantee that a fund will produce capital gains in any given year. Additionally, smaller portions of the monthly distribution for JQC may later be characterized as capital gains and/or a return of capital because of the fund's modest investment in REITs. More details about the estimated composition of the distributions of Nuveen taxable funds are also available and updated monthly on www.nuveen.com/cef.