<PAGE>
NUVEEN
NUVEEN CALIFORNIA
INSURED UNIT TRUST 266 867
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.28 - 5.49% - Double Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.29 - 5.57% - Diversified Portfolios
DATE OF DEPOSIT: May 29, 1996 - Top-Rated Municipal Bonds
</TABLE>
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal and state income
taxes. Capital gains are taxable.
Total Principal $5,000,000 in 50,000 units
Average Life 25.9 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $101.94 to $98.93 depending on the purchase amount
Cusip 67064W 671 monthly payment plan
Numbers 67064W 689 quarterly payment plan
67064W 697 semi-annual payment plan
Insurance Individual bonds (not units) are fully insured by
MBIA Insurance Corporation, which guarantees
timely payment of interest and principal.
Registration Registered in California
</TABLE>
<TABLE>
<S> <C>
Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2016-18 30.0%
2019-21 15.0%
2022-24 15.0%
2025+ 40.0%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 05/28/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 9.10%
Tax Equivalent Yield 5.28%
Treasury Bonds
Pre-Tax 7.55%
Tax Equivalent Yield 6.85%
Corporate Bonds
Yield 7.84%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 42.0% FEDERAL AND STATE INCOME TAX
RATE AND A 9.30% STATE INCOME TAX RATE. TREASURY BONDS ARE SUBJECT TO FEDERAL
BUT NOT STATE INCOME TAXES; CORPORATE BONDS ARE GENERALLY SUBJECT TO BOTH.
TREASURY BONDS, UNLIKE MUNICIPAL BONDS, ARE GUARANTEED BY THE U.S. GOVERNMENT.
THE LEHMAN BROTHERS INVESTMENT GRADE LONG CORPORATE BOND INDEX IS CALCULATED
AS OF 4/30/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS CALIFORNIA INSURED UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 500,000 California Health Facilities Financing Authority, Insured Health Facility 2006 at 102 AAA Aaa
Refunding Revenue Bonds (Catholic Healthcare West), 1996 Series A, 6.00%
Due 7/1/25. (When issued.)
750,000 California State University, Sacramento Student Union Refunding Revenue 2005 at 102 AAA Aaa
Bonds, Series C, 6.00% Due 3/1/26. (When issued.)
750,000 The City of Los Angeles, California, Wastewater System Revenue Bonds, 2004 at 102 AAA Aaa
Series 1994-A, 5.875% Due 6/1/24.
750,000 Public Facilities Financing Authority of the City of San Diego 2005 at 101 AAA Aaa
(California), Sewer Revenue Bonds, Series 1995, 5.00% Due 5/15/25.
750,000 County of Stanislaus (California), Refunding Certificates of Participation 2006 at 102 AAA Aaa
(Capital Improvement Program), Series A of 1996, 5.25% Due 5/1/18.
750,000 Tracy Area Public Facilities Financing Agency, Community Facilities 2006 at 102 AAA Aaa
District No. 1987-1, Special Tax Bonds, Series H (1996-Refunding), (San
Joaquin County, California), 5.875% Due 10/1/19.
750,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1996 (General 2006 at 101 AAA Aaa
Obligation Bonds.), 5.50% Due 7/1/17. 1/2
----------------------------------------------------------------------------------------------------------------
$ 5,000,000 TOTAL 7 BONDS
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 05/28/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.06. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 101.94 4.90 % 5.28% 5.29% 5.31% 5.33% 5.33% 5.34 %
500 / $50,000 101.78 4.75 5.29 5.29 5.32 5.33 5.34 5.35
1,000 / $100,000 101.52 4.50 5.30 5.32 5.33 5.36 5.35 5.38
2,500 / $250,000 101.25 4.25 5.32 5.33 5.35 5.37 5.37 5.39
5,000 / $500,000 100.47 3.50 5.36 5.39 5.39 5.43 5.41 5.45
10,000 / $1,000,000 99.95 3.00 5.39 5.43 5.42 5.47 5.44 5.49
25,000 / $2,500,000 99.44 2.50 5.41 5.47 5.45 5.51 5.46 5.53
50,000 / $5,000,000 98.93 2.00 5.44 5.51 5.47 5.55 5.49 5.57
</TABLE>
HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by tax
UNIT TRUST bracket)
RETURN 34.5% 37.5% 42.0% 45.0%
<C> <S> <C> <C> <C> <C>
5.28 % 8.06% 8.45% 9.10% 9.60 %
5.29 8.08 8.46 9.12 9.62
5.30 8.09 8.48 9.14 9.64
5.32 8.12 8.51 9.17 9.67
5.36 8.18 8.58 9.24 9.75
5.39 8.23 8.62 9.29 9.80
5.41 8.26 8.66 9.33 9.84
5.44 8.31 8.70 9.38 9.89
</TABLE>
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
07/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 7/15/96 $ .4784
Monthly plan 8/15/96 .4485 $ 5.3834
Quarterly plan 8/15/96 .4512
11/15/96 1.3536 5.4154
Semi-annual plan 11/15/96 1.8108
5/15/97 2.7162 5.4344
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 102.00 = 98.039
investment offering price # of units
(as of and accrued purchased
05/28/96) interest
98.039 X $5.3834 = $527.78
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN
NUVEEN FLORIDA
INSURED UNIT TRUST 228 867
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.18 - 5.39% - Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.25 - 5.51% - Diversified Portfolios
DATE OF DEPOSIT: May 29, 1996 - Top-Rated Municipal Bonds
</TABLE>
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal income tax. Capital
gains are taxable.
Total Principal $3,500,000 in 35,000 units
Average Life 28.2 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $99.92 to $96.96 depending on the purchase amount
Cusip 6706H4 646 monthly payment plan
Numbers 6706H4 653 quarterly payment plan
6706H4 661 semi-annual payment plan
Insurance Individual bonds (not units) are fully insured by
MBIA Insurance Corporation, which guarantees
timely payment of interest and principal.
Registration Registered in Florida
</TABLE>
<TABLE>
<S> <C>
Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2020-22 28.6%
2023-25 42.8%
2026+ 28.6%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 05/28/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 8.09%
Tax Equivalent Yield 5.18%
Treasury Bonds
Pre-Tax
Tax Equivalent Yield 6.85%
Corporate Bonds
Yield 7.84%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 36.0% FEDERAL INCOME TAX RATE.
TREASURY BONDS ARE SUBJECT TO FEDERAL BUT NOT STATE INCOME TAXES; CORPORATE
BONDS ARE GENERALLY SUBJECT TO BOTH. TREASURY BONDS, UNLIKE MUNICIPAL BONDS,
ARE GUARANTEED BY THE U.S. GOVERNMENT. THE LEHMAN BROTHERS INVESTMENT GRADE
LONG CORPORATE BOND INDEX IS CALCULATED AS OF 4/30/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS FLORIDA INSURED UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 500,000 State of Florida, State Board of Education, Public Education Capital Outlay 2005 at 101 AAA Aaa
Bonds, 1994 Series C, 5.60% Due 6/1/25. (General Obligation Bonds.)
500,000 City of Atlantic Beach, Florida, Utilities System Revenue Bonds, Series 2006 at 102 AAA Aaa
1996, 5.50% Due 10/1/25.
500,000 Dade County, Florida, Aviation Revenue Bonds, Series 1995C, 5.75% Due 2005 at 102 AAA Aaa
10/1/25.
500,000 Dade County (Florida), Educational Facilities Authority, Revenue Bonds, 2006 at 102 AAA Aaa
Series 1996A (University of Miami Issue), 5.25% Due 4/1/20.
500,000 Dade County, Florida, Seaport General Obligation Refunding Bonds, Series 2006 at 102 AAA Aaa
1996 (General Obligation Bonds.), 5.125% Due 10/1/26.
500,000 Lee County, Florida, Transportation Facilities Revenue Bonds, Series 1995, 2005 at 102 AAA Aaa
5.75% Due 10/1/27. (Original issue discount bonds delivered on or about May
16, 1995 at a price of 93.739% of principal amount.)
500,000 Orlando Utilities Commission (Florida), Water and Electric Subordinated 2004 at 101 AAA Aaa
Revenue Refunding Bonds, Series 1994A, 5.00% Due 10/1/20.
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 7 BONDS
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 05/28/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.06. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 99.92 4.90 % 5.18% 5.25% 5.22% 5.28% 5.23% 5.30 %
500 / $50,000 99.76 4.75 5.19 5.26 5.22 5.29 5.24 5.31
1,000 / $100,000 99.50 4.50 5.21 5.28 5.24 5.31 5.26 5.33
2,500 / $250,000 99.24 4.25 5.22 5.29 5.25 5.32 5.27 5.34
5,000 / $500,000 98.47 3.50 5.26 5.35 5.29 5.38 5.31 5.40
10,000 / $1,000,000 97.96 3.00 5.29 5.39 5.32 5.42 5.34 5.44
25,000 / $2,500,000 97.46 2.50 5.31 5.43 5.35 5.45 5.37 5.47
50,000 / $5,000,000 96.96 2.00 5.34 5.46 5.37 5.49 5.39 5.51
</TABLE>
HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by tax
UNIT TRUST bracket)
RETURN 28.0% 31.0% 36.0% 39.6%
<C> <S> <C> <C> <C> <C>
5.18 % 7.19% 7.51% 8.09% 8.58 %
5.19 7.21 7.52 8.11 8.59
5.21 7.24 7.55 8.14 8.63
5.22 7.25 7.57 8.16 8.64
5.26 7.31 7.62 8.22 8.71
5.29 7.35 7.67 8.27 8.76
5.31 7.38 7.70 8.30 8.79
5.34 7.42 7.74 8.34 8.84
</TABLE>
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
07/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 7/15/96 $ .4601
Monthly plan 8/15/96 .4314 $ 5.1795
Quarterly plan 8/15/96 .4341
11/15/96 1.3023 5.2115
Semi-annual plan 11/15/96 1.7424
5/15/97 2.6136 5.2305
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 99.98 = 100.020
investment offering price # of units
(as of and accrued purchased
05/28/96) interest
100.020 X $5.1795 = $518.05
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
