Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 94

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 94
---

a broad-based default event for an entity, or the default of a short-term obligation. Limitations of the Short-Term Ratings Scale:

Specific limitations relevant
to the Short-Term Ratings scale include:

| ● | The ratings do not predict a specific percentage of default likelihood over any given time period. |

| ● | The ratings do not opine on the market value of any issuer’s securities or stock, or the likelihood 
 that this value may change.                                                                         |

| ● | The ratings do not opine on the liquidity of the issuer’s securities or stock. |

| ● | The ratings do not opine on the possible loss severity on an obligation should an obligation default. |

| ● | The ratings do not opine on any quality related to an issuer or transaction’s profile other than 
 the agency’s opinion on the relative vulnerability to default of the rated issuer or obligation. |

Ratings assigned by Fitch Ratings
articulate an opinion on discrete and specific areas of risk. The above list is not exhaustive, and is provided for the reader’s
convenience.

<div align='center'>A-10</div>

Appendix B

PROXY VOTING POLICY AND PROCEDURES

Cushing Asset
Management, LP (the “Investment Manager”) serves as the investment adviser and general partner, respectively, of certain the
investment accounts and pooled investment (each a “Client” and collectively, the “Clients”). Through these relationships
the Investment Manager is sometimes delegated the right to vote, on behalf of the Clients, proxies received from companies, the securities
of which are owned by the Clients.

Purpose

The Investment Manager follows
this proxy voting policy (the “Policy”) to ensure that proxies the Investment Manager votes, on behalf of each Client, are
voted to further the best interest of that Client. The Policy establishes a mechanism to address any conflicts of interests between the
Investment Manager and the Client. Further, the Policy establishes how Clients may obtain information on how the proxies have been voted.

Determination of Vote

The Investment Manager determines
how to vote after studying the proxy materials and any other materials that may be necessary or beneficial to voting. The Investment Manager
votes in a manner that the Investment Manager believes reasonably furthers the best interests of the Client and is consistent with the
Client’s investment philosophy as set forth in the relevant investment management documents.

The major proxy-related issues
generally fall within five categories: corporate governance, takeover defenses, compensation plans, capital structure, and