DWS Municipal Income Trust and DWS Strategic Municipal Income Trust Announce Additional Ratings and Rating Agency Changes for Preferred Shares

DWS Municipal Income Trust (NYSE: KTF) and DWS Strategic Municipal Income Trust (NYSE: KSM) (each, a “Fund,” and together, the “Funds”) each announced today that Fitch Ratings (“Fitch”) has assigned a rating to its Floating Rate Municipal Term Preferred Shares, Series 2015 (the “Series 2015 MTPS”). Fitch has assigned a rating of AAA to KTF’s Series 2015 MTPS and a rating of AAA to KSM’s Series 2015 MTPS. The Funds’ Series 2015 MTPS are currently rated by Moody’s Investors Service (“Moody’s”) and Standard & Poor’s Ratings Services (“S&P”). KTF’s Series 2015 MTPS are currently rated Aa1 and AAA by Moody’s and S&P, respectively. KSM’s Series 2015 MTPS are currently rated Aa2 and AAA/Watch Neg by Moody’s and S&P, respectively. Concurrent with the new Fitch ratings, the Funds have requested S&P to withdraw its ratings for the Funds’ Series 2015 MTPS. Fitch will replace S&P as the second rating agency for the Funds’ Series 2015 MTPS.

In addition, KTF has requested S&P to withdraw its rating of the Fund’s currently outstanding Preferred Shares, Series B, C, and E (the “Remarketed Preferred Shares”), and KSM has requested S&P to withdraw its rating of the Fund’s currently outstanding Municipal Auction Rate Cumulative Preferred Shares, Series T (the “ARPS”). S&P has currently assigned a rating of AAA to KTF’s Remarketed Preferred Shares and a rating of AAA/Watch Neg to KSM’s ARPS. Moody’s will continue to provide ratings for both the Remarketed Preferred Shares and the ARPS. Moody’s has currently assigned a rating of Aa1 to KTF’s Remarketed Preferred Shares and a rating of Aa2 to KSM’s ARPS.

For more information on each Fund, please visit www.dws-investments.com or call (800) 349-4281.

Important Information

DWS Municipal Income Trust seeks to provide a high level of current income exempt from federal income tax. The fund invests in a diversified portfolio of investment-grade tax-exempt securities. Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage, and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and can magnify the effect of any losses. Although the fund seeks income that is federally tax-free, a portion of the fund’s distributions may be subject to federal, state, and local taxes, including the alternative minimum tax.

DWS Strategic Municipal Income Trust seeks to provide a high level of current income exempt from federal income tax. The fund will invest at least 50 percent of its assets in investment-grade municipal securities or unrated municipal securities of comparable quality, and may invest up to 50 percent of its assets in high-yield municipal securities that are below investment grade. Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage, and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and can magnify the effect of any losses.Although the fund seeks income that is federally tax-free, a portion of the fund’s distributions may be subject to federal, state, and local taxes, including the alternative minimum tax.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to the net asset value. The price of a fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, a fund cannot predict whether its shares will trade at, below or above net asset value.

Past performance is no guarantee of future results. This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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