<PAGE>
NUVEEN
NUVEEN NORTH CAROLINA
TRADITIONAL UNIT TRUST 304 921
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ESTIMATED CURRENT RETURN: NUVEEN TAX-FREE UNIT TRUSTS:
4.91 - 5.11% For the tax-sensitive, conservative investor.
ESTIMATED LONG-TERM RETURN: - Double Tax-Free
4.93 - 5.20% - Dependable Income
DATE OF DEPOSIT: February 25, 1997 - Diversified Portfolios
- Investment Grade 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 $3,500,000 in 35,000 units
Average Life 22.7 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $101.71 to $98.70 depending on the purchase amount
Cusip 6710A2 821 monthly payment plan
Numbers 6710A2 839 quarterly payment plan
6710A2 847 semi-annual payment plan
Ratings of As rated by Standard & Poor's, a division of The McGraw
Portfolio Hill Companies
or Moody's Investors Service, Inc.
AAA 57%
AA 43
---------
100%
Registration Registered in North Carolina
</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>
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<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2014-15 14.3%
2016-17 14.3%
2018-19 14.3%
2020-21 42.8%
2022+ 14.3%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 02/24/97*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 4.91%
Tax Equivalent Yield 8.32%
Treasury Bonds
Yield 6.64%
Tax Equivalent Yield 7.20%
Corporate Bonds
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Yield 7.41%
</TABLE>
*COMPARES TRUST AS OF 02/24/97 WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 02/21/97. ASSUMES 41.0%
FEDERAL AND STATE INCOME TAX RATE AND A 7.75% 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.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
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BONDS THIS NORTH CAROLINA TRADITIONAL 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 North Carolina State University at Raleigh, Revenue Bonds (Centennial AAA Aaa
Campus Projects), Series 1997B, 5.125% Due 12/15/16. (When issued.) (MBIA
Insured.) 2006 at 101
500,000 Board of Governors of The University of North Carolina, University of North AA Aa
Carolina Hospitals at Chapel Hill, Revenue Bonds, Series 1996, 5.25% Due
2/15/19. 2006 at 102
500,000 City of Charlotte, North Carolina, Water and Sewer System Revenue Bonds, AA Aa
Series 1996, 5.25% Due 12/1/21. 2006 at 102
500,000 City of Lincolnton, North Carolina, Combined Enterprise System Revenue AAA Aaa
Bonds, Series 1996, 5.375% Due 5/1/21. (MBIA Insured.) 2006 at 102
500,000 County of Pasquotank, North Carolina, Certificates of Participation (1995 AAA Aaa
Elizabeth City-Pasquotank Public Schools Project), 5.00% Due 6/1/15.
(Original issue discount bonds delivered on or about December 21, 1995 at a
price of 94.871% of principal amount.)(MBIA Insured.) 2006 at 102
500,000 County of Pitt, North Carolina, Pitt County Memorial Hospital Revenue AA- Aa3
Bonds, Series 1995, 5.25% Due 12/1/21. (Original issue discount bonds
delivered on or about October 12, 1995 at a price of 92.008% of principal
amount.) 2005 at 102
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1995 (General AAA Aaa
Obligation Bonds.), 5.375% Due 7/1/22. (Original issue discount bonds
delivered on or about May 4, 1995 at a price of 93.916% of principal
amount.)(MBIA Insured.) 2005 at 101
1/2
-----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 6 BONDS FROM NORTH CAROLINA AND ONE BOND FROM THE TERRITORY OF PUERTO RICO.
</TABLE>
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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 02/24/97.
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 $.04. 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 $ 101.71 4.90 % 4.91% 4.93% 4.94% 4.96% 4.96% 4.98 %
500 / $50,000 101.55 4.75 4.92 4.94 4.95 4.97 4.97 4.99
1,000 / $100,000 101.29 4.50 4.93 4.96 4.96 4.99 4.98 5.01
2,500 / $250,000 101.02 4.25 4.94 4.97 4.97 5.00 4.99 5.02
5,000 / $500,000 100.24 3.50 4.98 5.04 5.01 5.07 5.03 5.09
10,000 / $1,000,000 99.72 3.00 5.01 5.08 5.04 5.11 5.06 5.13
25,000 / $2,500,000 99.21 2.50 5.03 5.12 5.07 5.14 5.08 5.17
50,000 / $5,000,000 98.70 2.00 5.06 5.15 5.09 5.18 5.11 5.20
</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 33.0% 36.5% 41.0% 44.5%
<C> <S> <C> <C> <C> <C>
4.91 % 7.33% 7.73% 8.32% 8.85 %
4.92 7.34 7.75 8.34 8.86
4.93 7.36 7.76 8.36 8.88
4.94 7.37 7.78 8.37 8.90
4.98 7.43 7.84 8.44 8.97
5.01 7.48 7.89 8.49 9.03
5.03 7.51 7.92 8.53 9.06
5.06 7.55 7.97 8.58 9.12
</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
04/01/97.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 4/15/97 $ .4989
Monthly plan 5/15/97 .4158 $ 4.9931
Quarterly plan 5/15/97 .4185
8/15/97 1.2555 5.0251
Semi-annual plan 5/15/97 .4203
11/15/97 2.5218 5.0441
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 101.75 = 98.280
investment offering price # of units
(as of and accrued purchased
02/24/97) interest
98.280 X $4.9931 = $490.72
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN PENNSYLVANIA NUVEEN
INSURED UNIT TRUST 222 921
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
All bonds in this Unit Trust are insured by MBIA For the tax-sensitive, conservative investor.
Insurance Corporation. As a result, the bonds are - Double Tax-Free
rated Aaa by Moody's Investors Service, Inc. and - Dependable Income
both the bonds and the Units are rated AAA by - Diversified Portfolios
Standard & Poor's, the highest rating given by - Top-Rated Municipal Bonds
each agency. DATE OF DEPOSIT: February 25, 1997
ESTIMATED CURRENT RETURN:
5.02 - 5.22%
ESTIMATED LONG-TERM RETURN:
5.09 - 5.36%
</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 $3,500,000 in 35,000 units
Average Life 26.1 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $99.76 to $96.81 depending on the purchase amount
Cusip 6706H7 102 monthly payment plan
Numbers 6706H7 110 quarterly payment plan
6706H7 128 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 Pennsylvania
</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)
2017-19 28.6%
2020-22 11.3%
2023-25 28.6%
2026+ 31.5%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 02/24/97*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 5.02%
Tax Equivalent Yield 8.10%
Treasury Bonds
Yield 6.64%
Tax Equivalent Yield 6.83%
Corporate Bonds
Yield 7.41%
</TABLE>
<PAGE>
*COMPARES TRUST AS OF 02/24/97 WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 02/21/97. ASSUMES 38.0%
FEDERAL AND STATE INCOME TAX RATE AND A 2.8% 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.
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 PENNSYLVANIA 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>
----------------------------------------------------------------------------------------------------------------
$ 105,000 Delaware River Port Authority (New Jersey and Pennsylvania), Revenue Bonds, 2006 at 102 AAA Aaa
Series of 1995, 5.50% Due 1/1/26.
500,000 Allegheny County Hospital Development Authority (Pennsylvania), Health 2005 at 102 AAA Aaa
Center Revenue Bonds, Series of 1995 (University of Pittsburgh Medical
Center System), 5.375% Due 12/1/25.
500,000 Bellefonte Area School District (Centre County, Pennsylvania), General 2006 at 100 AAA Aaa
Obligation Bonds, Series of 1996, 5.50% Due 5/15/26.
200,000 Dauphin County General Authority, Dauphin County, Pennsylvania, County No Optional AAA Aaa
Guaranteed Revenue Bonds-Series of 1993, 0.00% Due 10/1/20. (Original issue Call
discount bonds delivered on or about May 26, 1993 at a price of 19.08% of
principal amount.)(General Obligation Bonds.)
500,000 Lehigh County (Pennsylvania), General Purpose Authority, Hospital Revenue 2005 at 102 AAA Aaa
Bonds (Lehigh Valley Hospital), Series B of 1995, 5.625% Due 7/1/25.
500,000 Luzerne County Flood Protection Authority (Pennsylvania), Guaranteed Flood 2006 at 100 AAA Aaa
Protection Bonds, Series of 1996, 5.65% Due 7/15/26. (General Obligation
Bonds.)
500,000 New Castle Sanitation Authority (Lawrence County, Pennsylvania), Sewer 2007 at 100 AAA Aaa
Revenue Bonds, Series of 1997, 5.625% Due 6/1/17. (When issued.)
500,000 City of Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, 2005 at 102 AAA Aaa
Series 1995, 5.60% Due 8/1/18.
195,000 Pittsburgh (Pennsylvania), Water and Sewer Authority, Water and Sewer 2005 at 100 AAA Aaa
System First Lien Revenue Bonds, Series A of 1995, 5.60% Due 9/1/22.
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 9 BONDS FROM PENNSYLVANIA.
</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 02/24/97.
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 $.04. 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 $ 99.76 4.90 % 5.02% 5.09% 5.05% 5.12% 5.07% 5.14 %
500 / $50,000 99.60 4.75 5.02 5.10 5.06 5.13 5.08 5.15
1,000 / $100,000 99.34 4.50 5.04 5.12 5.07 5.15 5.09 5.17
2,500 / $250,000 99.08 4.25 5.05 5.14 5.08 5.17 5.10 5.18
5,000 / $500,000 98.31 3.50 5.09 5.19 5.12 5.22 5.14 5.24
10,000 / $1,000,000 97.80 3.00 5.12 5.23 5.15 5.26 5.17 5.28
25,000 / $2,500,000 97.30 2.50 5.14 5.27 5.18 5.30 5.20 5.32
50,000 / $5,000,000 96.81 2.00 5.17 5.30 5.20 5.34 5.22 5.36
</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 30.0% 33.0% 38.0% 41.5%
<C> <S> <C> <C> <C> <C>
5.02 % 7.17% 7.49% 8.10% 8.58 %
5.02 7.17 7.49 8.10 8.58
5.04 7.20 7.52 8.13 8.62
5.05 7.21 7.54 8.15 8.63
5.09 7.27 7.60 8.21 8.70
5.12 7.31 7.64 8.26 8.75
5.14 7.34 7.67 8.29 8.79
5.17 7.39 7.72 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
04/01/97.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 4/15/97 $ .5004
Monthly plan 5/15/97 .4170 $ 5.0044
Quarterly plan 5/15/97 .4194
8/15/97 1.2582 5.0364
Semi-annual plan 5/15/97 .4212
11/15/97 2.5272 5.0554
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 99.80 = 100.200
investment offering price # of units
(as of and accrued purchased
02/24/97) interest
100.200 X $5.0044 = $501.44
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
