Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 2

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 2
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 | Estimated on the basis of 95% of the average of the last reported sales price per Common Share at the close of trading on the NYSE 
 on November 12, 2025 and each of the four (4) preceding trading days. See “Terms of the Offer—Subscription Price.”                 |

| (3) | In connection with the Offer, UBS Securities LLC will act as dealer manager for the Offer (the “Dealer Manager”). The                          
 Fund has agreed to pay the Dealer Manager a fee for its financial structuring and soliciting services equal to 3.50% of the, Subscription      
 Price per Common Share for each Common Share issued pursuant to the exercise of Rights (including the over-subscription privilege). Based      
 on the Estimated Subscription Price, this Dealer Manager fee would amount to $1.41 per Common Share and a total sales load of $2,191,189,      
 assuming all Rights are exercised. The Dealer Manager will reallow a part of its fees to other broker-dealers that have assisted in soliciting 
 the exercise of the Rights. The Dealer Manager fee will be borne by the Fund and indirectly by all of its Common Shareholders, including       
 those who do not exercise their Rights.                                                                                                        |

| (4) | Offering expenses borne by the Fund (including the reimbursement described below) are estimated to be approximately $517,950 in the           
 aggregate, or $0.08 per Common Share (assuming the Rights are fully exercised). The Fund has agreed to pay the Dealer Manager up to $150,000  
 as a partial reimbursement for its expenses incurred in connection with the Offer. Offering expenses will be borne by the Fund and indirectly 
 by all of its Common Shareholders, including those who do not exercise their Rights.                                                          |

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The Fund has declared a regular November monthly distribution
to Common Shareholders in an amount of $0.45 per share payable on November 28, 2025 with a record date of November 17, 2025,
which will not be payable with respect to Common Shares that are issued pursuant to the Offer. The Fund has also declared a regular December
monthly distribution to Common Shareholders in an amount of $0.45 per share payable on December 31, 2025, with a record date of December
2, 2025, which will not be payable with respect to Common Shares that are issued pursuant to the Offer after December 2, 2025.

NAV dilution resulting from the Offer is