<PAGE>
NUVEEN
NUVEEN MARYLAND
TRADITIONAL UNIT TRUST 312 846
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ESTIMATED CURRENT RETURN: NUVEEN TAX-FREE UNIT TRUSTS:
4.71 - 4.91% For the tax-sensitive, conservative investor.
ESTIMATED LONG-TERM RETURN: - Double Tax-Free
4.74 - 5.01% - Dependable Income
DATE OF DEPOSIT: February 14, 1996 - 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 $3,000,000 in 30,000 units
Average Life 23.2 years
Call Protection Earliest ordinary optional call is 2003
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.10 to $97.14 depending on the purchase amount
Cusip 67102E 287 monthly payment plan
Numbers 67102E 295 quarterly payment plan
67102E 303 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 48%
AA 22
A1/A+ 15
A 15
---------
100%
Registration Registered in Maryland
</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)
2014-16 33.3%
2017-19 6.7%
2020-22 45.0%
2023+ 15.0%
The earliest ordinary optional call date is 2003
YIELD COMPARISON AS OF 02/13/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 7.72%
Tax Equivalent Yield 4.71%
Treasury Bonds
Pre-Tax 6.35%
Tax Equivalent Yield 6.03%
Corporate Bonds
Yield 6.92%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 39.0% FEDERAL AND STATE INCOME TAX
RATE AND A 5.0% 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 1/31/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 450,000 Washington Metropolitan Area Transit Authority (District of Columbia), AAA Aaa
Gross Revenue Transit Refunding Bonds, Series 1993, 5.25% Due 7/1/14. (FGIC
Insured.) 2004 at 102
200,000 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, AA- Aa
The Johns Hopkins Hospital Issue, Series 1990, 0.00% Due 7/1/19. (Original
issue discount bonds delivered on or about June 7, 1990 at a price of
12.098% of principal amount.) No Optional
Call
450,000 Maryland Health and Higher Educational Facilities Authority, Project and AAA Aaa
Refunding Revenue Bonds, University of Maryland Medical System Issue,
Series 1993, 5.00% Due 7/1/20. (Original issue discount bonds delivered on
or about June 24, 1993 at a price of 90.125% of principal amount.)(FGIC
Insured.) 2003 at 100
450,000 Calvert County, Maryland, Pollution Control Revenue Refunding Bonds A A2
(Baltimore Gas and Electric Company Project), Series 1993, 5.55% Due
7/15/14. 2004 at 102
100,000 City of Gaithersburg, Maryland, Hospital Facilities Refunding and AAA Aaa
Improvement Revenue Bonds (Shady Grove Adventist Hospital), Series 1995,
5.50% Due 9/1/15. (Original issue discount bonds delivered on or about June
27, 1995 at a price of 93.63% of principal amount.)(FSA Insured.) 2005 at 102
450,000 Montgomery County, Maryland, Pollution Control Revenue Refunding Bonds A A1
(Potomac Electric Project), 1994 Series, 5.375% Due 2/15/24. 2004 at 102
450,000 Washington Suburban Sanitary District, Maryland (Montgomery and Prince AA Aa1
George's Counties, Maryland), General Construction Bonds of 1995, 5.25% Due
6/1/20. (General Obligation Bonds.) 2005 at 100
450,000 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
----------------------------------------------------------------------------------------------------------------
$ 3,000,000 TOTAL 8 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 02/13/96.
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 $.08. 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 $ 100.10 4.90 % 4.71% 4.74% 4.75% 4.77% 4.77% 4.79 %
500 / $50,000 99.95 4.75 4.72 4.75 4.75 4.78 4.77 4.80
1,000 / $100,000 99.69 4.50 4.73 4.77 4.77 4.80 4.79 4.82
2,500 / $250,000 99.43 4.25 4.75 4.79 4.78 4.82 4.80 4.84
5,000 / $500,000 98.65 3.50 4.78 4.85 4.82 4.88 4.84 4.90
10,000 / $1,000,000 98.14 3.00 4.81 4.89 4.84 4.92 4.86 4.94
25,000 / $2,500,000 97.64 2.50 4.83 4.93 4.87 4.96 4.89 4.98
50,000 / $5,000,000 97.14 2.00 4.86 4.96 4.89 4.99 4.91 5.01
</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
UNIT TRUST tax bracket)
RETURN 31.5% 34.5% 39.0% 42.5%
<C> <S> <C> <C> <C> <C>
4.71 % 6.88% 7.19% 7.72% 8.19%
4.72 6.89 7.21 7.74 8.21
4.73 6.91 7.22 7.75 8.23
4.75 6.93 7.25 7.79 8.26
4.78 6.98 7.30 7.84 8.31
4.81 7.02 7.34 7.89 8.37
4.83 7.05 7.37 7.92 8.40
4.86 7.09 7.42 7.97 8.45
</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
03/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 3/15/96 $ .2227
Monthly plan 4/15/96 .3930 $ 4.7194
Quarterly plan 5/15/96 .7914
8/15/96 1.1871 4.7514
Semi-annual plan 5/15/96 .7950
11/15/96 2.3850 4.7704
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.18 = 99.820
investment offering price # of units
(as of and accrued purchased
02/13/96) interest
99.820 X $4.7194 = $471.09
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN
NUVEEN FLORIDA
INSURED UNIT TRUST 223 846
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
4.67 - 4.86% - Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
4.72 - 4.97% - Diversified Portfolios
DATE OF DEPOSIT: February 14, 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 26.2 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.88 to $97.90 depending on the purchase amount
Cusip 6706H4 497 monthly payment plan
Numbers 6706H4 505 quarterly payment plan
6706H4 513 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)
2014-17 18.7%
2018-21 32.0%
2022-25 20.7%
2026+ 28.6%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 02/13/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 7.30%
Tax Equivalent Yield 4.67%
Treasury Bonds
Pre-Tax
Tax Equivalent Yield 6.03%
Corporate Bonds
Yield 6.92%
</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 1/31/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS 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, Full Faith and Credit, State Board of Education, Public 2005 at 101 AAA Aaa
Education Capital Outlay Refunding Bonds, 1995 Series D, 4.75% Due 6/1/22.
(Original issue discount bonds delivered on or about December 28, 1995 at a
price of 93.028% of principal amount.)(General Obligation Bonds.)
500,000 State of Florida, Department of Transportation, Turnpike Revenue Bonds, 2005 at 101 AAA Aaa
Series 1995A, 5.50% Due 7/1/21.
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.
155,000 City of Delray Beach, Florida, Water and Sewer Revenue Bonds, Series 1993 No Optional AAA Aaa
B, 0.00% Due 10/1/14. (Original issue discount bonds delivered on or about Call
June 29, 1993 at a price of 29.357% of principal amount.)
500,000 City of Gainesville, Florida, Utilities System Revenue Bonds, 1996 Series 2006 at 102 AAA Aaa
A, 5.20% Due 10/1/26. (When issued.)
500,000 Orange County (Florida), Health Facilities Authority, Hospital Revenue 2005 at 102 AAA Aaa
Bonds, Series 1995 (Adventist Health System/Sunbelt Obligated Group), 5.25%
Due 11/15/20. (Original issue discount bonds delivered on or about June 8,
1995 at a price of 91.00% of principal amount.)
120,000 The School Board of Seminole County, Florida, Certificates of 2005 at 101 AAA Aaa
Participation, Series 1995A, 5.25% Due 7/1/21.
500,000 City of Tampa, Florida, Water and Sewer Systems Revenue Bonds, Series 1995, 2005 at 102 AAA Aaa
5.125% Due 10/1/17.
225,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1995 (General 2005 at 101 AAA Aaa
Obligation Bonds.), 5.375% Due 7/1/22. (Original issue discount bonds 1/2
delivered on or about May 4, 1995 at a price of 93.916% of principal
amount.)
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 9 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 02/13/96.
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 $.08. 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 $ 100.88 4.90 % 4.67% 4.72% 4.70% 4.75% 4.72% 4.77 %
500 / $50,000 100.72 4.75 4.68 4.73 4.71 4.75 4.73 4.77
1,000 / $100,000 100.46 4.50 4.69 4.75 4.72 4.78 4.74 4.80
2,500 / $250,000 100.20 4.25 4.70 4.76 4.73 4.79 4.75 4.81
5,000 / $500,000 99.42 3.50 4.74 4.82 4.77 4.85 4.79 4.87
10,000 / $1,000,000 98.91 3.00 4.76 4.85 4.79 4.88 4.81 4.90
25,000 / $2,500,000 98.40 2.50 4.79 4.89 4.82 4.92 4.84 4.94
50,000 / $5,000,000 97.90 2.00 4.81 4.92 4.84 4.95 4.86 4.97
</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
UNIT TRUST tax bracket)
RETURN 28.0% 31.0% 36.0% 39.6%
<C> <S> <C> <C> <C> <C>
4.67 % 6.49% 6.77% 7.30% 7.73%
4.68 6.50 6.78 7.31 7.75
4.69 6.51 6.80 7.33 7.76
4.70 6.53 6.81 7.34 7.78
4.74 6.58 6.87 7.41 7.85
4.76 6.61 6.90 7.44 7.88
4.79 6.65 6.94 7.48 7.93
4.81 6.68 6.97 7.52 7.96
</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
03/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 3/15/96 $ .2223
Monthly plan 4/15/96 .3924 $ 4.7105
Quarterly plan 5/15/96 .7902
8/15/96 1.1853 4.7425
Semi-annual plan 5/15/96 .7932
11/15/96 2.3796 4.7615
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.96 = 99.049
investment offering price # of units
(as of and accrued purchased
02/13/96) interest
99.049 X $4.7105 = $466.57
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
