Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 40

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 40
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 NAV per Common Share will be on the Expiration Date or what proportion of Common Shares will be subscribed for,
the dilution could be substantial.

| S-23 |

The impact of the Offer on NAV per share is shown by
the following example, assuming a $40.24 Subscription Price and assuming full exercise of the Rights:

| Example:(1)             |        |
| NAV(2)                  | $43.05 |
| Subscription Price      | $40.24 |
| Reduction in NAV ($)(3) |  $1.14 |
| Reduction in NAV (%)    |  2.64% |

| (1) | Assumes the full exercise of Rights, pursuant to the primary subscription 
 and/or over-subscription privilege.                                       |

| (2) | Assumes that the Fund’s NAV on the Expiration Date is $43.05      
 per Common Share (the NAV per Common Share on November 12, 2025). |

| (3) | Assumes a Dealer Manager fee of $2,191,189 and other estimated offering 
 expenses of $517,950, each payable by the Fund.                         |

Record Date Shareholders will experience a decrease
in the NAV per Common Share held by them, irrespective of whether they exercise all or any portion of their Rights.

The distribution of transferable Rights, which may
themselves have value, will afford non-participating Common Shareholders the potential of receiving a cash payment upon the sale of the
Rights, receipt of which may be viewed as partial compensation for the economic dilution of their interests, although there can be no
assurance that a market for the Rights will develop.

<div align='center'>RISKS RELATING TO THE OFFER</div>

Dilution Risk

As a result of this Offer, it is anticipated that even
if you fully exercise your Rights, you should expect to incur immediate economic dilution and, if you do not exercise all of your Rights,
you will incur voting dilution. Further, both the sales load and the expenses associated with the Offer paid by the Fund will immediately
reduce the NAV of each Common Shareholder’s Common Shares. To the extent that the number of Common Shares outstanding after the
Offer will have increased proportionately more than the increase in the size of the Fund’s net assets, you will, at the completion
of the Offer, experience immediate dilution of NAV. The percentage increase in Common Shares outstanding that will occur if all the Rights
are exercised is 33