Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 39

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 39
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 such an investment is appropriate or advisable
for, or meets all relevant legal requirements with respect to investments by, Plans or plans subject to Similar Laws generally or by any
particular Plan or plan subject to Similar Law.

Benefits to the Investment Adviser

The Investment Adviser will benefit from the Offer,
in part, because the investment management fee paid by the Fund to the Investment Adviser is based on the Fund’s Managed Assets.
It is not possible to state precisely the amount of additional compensation the Investment Adviser will receive as a result of the Offer
because it is not known how many Common Shares will be subscribed for and because the proceeds of the Offer will be invested in additional
portfolio securities which will fluctuate in value. However, assuming (i) all Rights are exercised, (ii) the Fund’s average NAV
during the twelve-month period immediately following the completion of the Offer is $43.05 per Common Share (the NAV per Common Share
on November 12, 2025) (iii) the Subscription Price is $40.24 per Common Share, and (iv) for purposes of this example, the Fund increases
the amount of leverage outstanding while maintaining approximately the same percentage of total assets attributable to leverage, and after
giving effect to the Dealer Manager fee and other estimated offering expenses, the Investment Adviser would receive additional investment
management fees of approximately $800,000 for the twelve-month period immediately following the completion of the Offer, and would continue
to receive additional investment management fees as a result of the Offer, based on the Fund’s Managed Assets attributable to the
Common Shares issued in the Offer and related additional leverage, thereafter.

Investment Considerations and Dilution

Upon completion of the Offer, Common Shareholders who
do not exercise their Rights fully will own a smaller proportional interest in the Fund than would be the case if the Offer had not been
made. Furthermore, if you do not participate in the over-subscription privilege, if it is available, your percentage ownership may also
be diluted.

In addition, because the Subscription Price per Common
Share is likely to be less than the Fund’s NAV per Common Share, the Offer will likely result in a dilution of the Fund’s
NAV per Common Share for all Common Shareholders, irrespective of whether they exercise all or any portion of their Rights. Although it
is not possible to state precisely the amount of such a decrease in value, because it is not known at this time what the Subscription
Price will be, what the