NXG NextGen Infrastructure Income Fund : Fact Sheet

NXG NEXTGEN INFRASTRUCTURE INCOME FUND

"The Next Generation of Investment Management"	September 30, 2023

The Cushing NextGen Infrastructure Income Fund:	Listed
NXG
•	Seeks Current Income
•	Growth Potential	NYSE
• IRA/401(k) Eligible [No UBTI]*

• Offers Infrastructure Exposure, includng "NextGen"

Fund Overview

The Fund seeks to invest in a portfolio of equity and debt securities of infrastructure companies, including energy infrastructure companies, industrial infrastructure companies, sustainable infrastructure companies and technology and communication infrastructure companies.

Why invest in the Fund?

• Unique focus on infrastructure for today & tomorrow's economy (e.g. digital/technological infrastructure) along with traditional infrastructure investments
• Focus on responsible and sustainable investments
• Seeks to invest in uncorrelated growth opportunities that are secular vs. cyclical
• Seeks to invest in companies that have high degree of demand inelasticity
• Designed to take advantage of traditional infrastructure investment characteristics (e.g. low- er correlation to broader market, high barriers to entry, business activities that are vital to economy, etc.)

*MLPs and MLP investments have unique tax characteristics. In general, an investment in the Fund will not generate unrelated business taxable income (UBTI) for tax-exempt U.S. investors. Neither the Fund nor the investment adviser provide tax advice. Please consult your tax advisor before making an investment.

CLEAN & SUSTAINABLE INFRASTRUCTURE	COMMUNICATION & TECHNOLOGY	ENERGY	INDUSTRIAL
INFRASTRUCTURE	INFRASTRUCTURE	INFRASTRUCTURE
Renewable Energy	Data Storage	Midstream Energy	Toll Road Infrastructure
Infrastructure	Infrastructure	Infrastructure
Electric Vehicle	Wireline Infrastructure	Transmission Infrastructure	Port Infrastructure
Infrastructure
Hydrogen Infrastructure	Wireless Infrastructure	Electricity Generation	Airport Infrastructure
Infrastructure
Water Infrastructure	Communication	Natural Gas Distribution	Railroad Infrastructure
Infrastructure	Infrastructure
Waste Infrastructure	Cloud Infrastructure		Engineering Infrastructure
Emerging Infra Verticals	Emerging Infrastructure
Next Generation Infrastructure	Traditional Infrastructure

Historical Performance (as of 09/30/2023)

			Percent Change (%)
	NAV /	3 Months	1 Year	5 Year	10 Year	Since Inception
	PRICE	(CAGR)	(CAGR)	(CAGR)	1
NAV	$40.32	-17.76%	-15.31%	-13.00%	-8.89%	-7.51%
Share Price	$37.50	-2.47%	2.24%	-13.38%	-8.47%	-8.52%
Share Price	$37.50	0.28%	11.20%	-5.16%	-0.11%	-0.41%
Total Return 2

1 Inception was 9/28/12 2 Assumes reinvestment of distributions. Does not reflect impact of brokerage commissions. NAV returns are total returns net of management fees and other fund expenses.

Fund Information (as of 09/30/2023)

Fund Inception	September 28, 2012
Net Assets (NAV) 1	$104.90 million
NAV per share	$40.32
Share Price	$37.50
Premium / (Discount)	-7.00%
Recent Distribution 2	$0.54
Distribution Rate 3	17.28%
Shares Outstanding	2.6 million
Market Capitalization	$97.56 million
Borrowing as a % of Total Assets	26.26%
Management Fee 4	1.00%

1. Net of Leverage
2. Paid on 09/29/2023 to shareholders of record on 09/18/2023.
3. Distribution rate is calculated by annualizing the most recent distribution paid and then dividing by the stock price. A portion of the Fund's distributions may constitute return of capital. For the Fund's fiscal year ended November 30,
   2022, 100% of the Fund's distributions constituted return of capital. It is anticipated that approximately 100% of the Fund's distributions from the current fiscal year will be treated as return of capital. Final tax characterization of all distributions paid will be determined in early 2024.

4 After temporary contractual waiver of 25 bps.

Unaudited Financial Information6 (as of 09/30/2023)

Assets
Investments at fair value	$137.77
Cash & cash equivalents	$6.68
Other	$0.28
Total Assets	$144.73
Liabilities
Short-term borrowings	$38.01
Other	$1.82
Total Liabilities	$39.83
Net Assets

Net assets applicable to common	$104.90
stockholders

6 Amounts in millions

All investments involve risk, including possible loss of principal. You should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. Additional information regarding the Fund can be found in the Fund's most recent shareholder report. Past performance is not indicative of future results. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. As with any stock, the price of the Fund's shares will fluctuate with market conditions and other factors. Shares of closed-end funds frequently trade at a market price that is below their net asset value. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks. Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market value. Energy companies may be affected by fluctuations in the prices of commodities, declines in production or supply sources, a sustained decline in demand, environmental liabilities, changes in regulation and other risks. The Fund will invest in master limited partnerships ("MLPs"). MLPs are subject certain risks inherent in the structure of MLPs, including complex tax structure risks, the limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates. The potential tax benefits from investing in MLPs depend on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the Fund which could result in a reduction of the Fund's value. The Fund is not a complete investment program and you may lose money by investing in the Fund. An investment in the Fund

www.nxgim.com	www.cushingcef.com	214.692.6334

Subsector Allocations (as of 09/30/2023)

Energy - 52.07%

Sustainable - 33.26%

Technology - 11.05%

Industrial - 3.62%

Portfolio Managers

John Musgrave

John Musgrave is the President and CEO, Chief Investment Officer and Portfolio Manager of NXG Investment Management, the trade name of Cushing Asset Management, LP ("NXG"). Mr. Musgrave joined the firm in 2007. Prior to joining NXG, Mr. Musgrave worked in the investment banking division of Citigroup Global Markets Inc. where he focused on corporate finance and mergers and acquisitions in a wide range of industries, including midstream energy companies. He also worked previously as an analyst for the Global Energy Group of UBS Investment Bank. He received his BBA in Finance from Texas A&M University.

Top 10 Holdings (as of 09/30/2023)
Company	% of Total Portfolio
Atlantica Sustainable Infrastructure plc	5.19%
Crown Castle Inc.	4.74%
MPLX LP	4.52%
Clearway Energy, Inc.	4.43%
Equitrans Midstream Corporation	4.10%
NuStar Energy L.P.	4.08%
New Fortress Energy Inc.	3.90%
NextEra Energy Partners, LP	3.77%
Sitio Royalties Corp.	3.62%
Clarios Global LP 8-1/2% Bond	3.62%

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any secuity.

Todd Sunderland, CFA

Todd Sunderland is the Chief Risk Officer, Chief Operations Officer, and Portfolio Manager of NXG. Mr. Sunderland has worked in investment and risk management since 2004 and had previously worked in the engineering field. Before coming to the firm in 2007 he was portfolio analyst at Spinnerhawk Capital Management. Prior to that, he was programmer and risk analyst for Hunt Financial Ventures. His engineering experience includes Carter & Burgess (Jacobs) and United Technologies Carrier. Mr. Sunderland earned his M.B.A. from Southern Methodist University and his B.S. in Mechanical Engineering from Cornell University. He is a Chartered Financial Analyst®, a Financial Risk Manager (FRM), Chartered Market Technician (CMT), and a registered Professional Engineer (PE) - inactive.

www.nxgim.com	www.cushingcef.com	214.692.6334