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NEW YORK--([ BUSINESS WIRE ])--DWS Municipal Income Trust (NYSE: KTF) and DWS Strategic Municipal Income Trust (NYSE: KSM) (each, a aFund,a and together, the aFundsa) each announced today that it has commenced an issuer tender offer for up to 100% of its outstanding preferred shares. KTF is offering to purchase up to 100% of its outstanding remarketed preferred shares at a price equal to 96% of the remarketed preferred sharesa per share liquidation preference of $5,000 ($4,800 per remarketed preferred share) plus any unpaid dividends accrued through October 26, 2012, the tender offer expiration date, or such later date to which the tender offer is extended. KSM is offering to purchase up to 100% of its outstanding auction rate preferred shares at a price equal to 96% of the auction rate preferred sharesa per share liquidation preference of $25,000 ($24,000 per auction rate preferred share) plus any unpaid dividends accrued through October 26, 2012, the tender offer expiration date, or such later date to which the tender offer is extended. Additional terms of each Fundas tender offer are set forth in the Fundas tender offer materials, including its Offer to Purchase and related Letter of Transmittal, which have been filed with the Securities and Exchange Commission and are being distributed to holders of each Fundas preferred shares.

KTFas tender offer is conditioned upon at least 90% of its outstanding remarketed preferred shares being validly tendered and not withdrawn. KSMas tender offer is conditioned upon at least 70% of its outstanding auction rate preferred shares being validly tendered and not withdrawn. In addition, each Fundas tender offer is conditioned upon the successful completion of a current refinancing transaction for each Fund in an amount approximately equal to the aggregate liquidation preference of the tendered preferred shares accepted by such Fund as well as certain other conditions, as set forth in each Fundas Offer to Purchase and related Letter of Transmittal.

This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell remarketed preferred shares of KTF or auction rate preferred shares of KSM. Each Fundas tender offer will be made only by the Offer to Purchase, the related Letter of Transmittal, and other documents, which have been filed with the Securities and Exchange Commission as exhibits to a tender offer statement on Schedule TO. These documents are available free of charge at the SECas website at [ www.sec.gov ] and from each Fundas information agent, Deutsche Bank Trust Company Americas, at (800) 735-7777 (Option 1). Preferred shareholders should read these documents carefully as the documents contain important information about each Fundas tender offer. The Offer to Purchase is not made to, nor will tenders pursuant to the Offer to Purchase be accepted from, holders of Preferred Shares in any jurisdiction in which making or accepting the Offer to Purchase would violate that jurisdictionas laws.

For more information on each Fundas tender offer, please contact the Fundas information agent, Deutsche Bank Trust Company Americas at (800) 735-7777 (Option 1). For more information on each Fund in general, please visit [ www.dws-investments.com ] or call (800) 349-4281.

Important Information

DWS Strategic Municipal Income Trust (KSM) and DWS Municipal Income Trust (KTF) are subject toinvestment risk. Bond investments are subject to interest-rate and credit risks. When interest rates rise, bondprices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal andinterest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reducereturns and/or increased volatility. Leverage results in additional risks and can magnify the effect of anylosses. Although the Funds seek income that is federally tax-free, a portion of the Fundsa distributions may besubject to federal, state and local taxes, including the alternative minimum tax.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale ofFund securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful priorto registration or qualification under the laws of such state or jurisdiction.

Certain statements contained in this release may be forward-looking in nature. These include all statementsrelating to plans, expectations, and other statements that are not historical facts and typically use words likeaexpect,a aanticipate,a abelieve,a and similar expressions. Such statements represent management's currentbeliefs, based upon information available at the time the statements are made, with regard to the mattersaddressed. All forward-looking statements are subject to risks and uncertainties that could cause actualresults to differ materially from those expressed in, or implied by, such statements. Management does notundertake any obligation to update or revise any forward-looking statements, whether as a result of newinformation, future events, or otherwise.

The following factors, among others, could cause actual results to differ materially from forward-looking statements: (i) the effects of changes in market and economic conditions; (ii) legal and regulatory developments; and (iii) other additional risks and uncertainties.

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

NOT A DEPOSIT a NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS Investments is part of Deutsche Bankas Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company. (R-028604-2 07/12)