Deutsche Municipal Income Trust (NYSE:KTF) and Deutsche Strategic Municipal Income Trust (NYSE:KSM) (each, a “Fund,” and together, the “Funds”) each announced today that its Board of Trustees has approved a refinancing plan that is expected to result in the outstanding leverage remaining unchanged for each Fund. As part of the refinancing plan, KTF plans to redeem all of its currently outstanding remarketed preferred shares (“RPS”), and KSM plans to redeem all of its currently outstanding auction rate preferred shares (“ARPS,” the ARPS and the RPS being collectively referred to as the “Original Preferred Shares”). In addition, each Fund plans to redeem all of its currently outstanding Floating Rate Municipal Term Preferred Shares, Series 2015 (the “Series 2015 MTPS”). The redemption of each Fund’s respective Original Preferred Shares and Series 2015 MTPS will be subject to the receipt of financing in the form of new preferred leverage. The Original Preferred Shares and the Series 2015 MTPS will be redeemed at their respective liquidation preferences per share plus additional amounts representing any dividend amounts owed.

Details regarding the specific terms and timing of the above-described redemptions will be communicated at a later date through filings with the Securities and Exchange Commission and accompanying public press releases.

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

Important Information

Deutsche Municipal Income Trust seeks to provide high current income exempt from federal income tax by investing in a diversified portfolio of investment-grade tax-exempt securities. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. 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 gains or losses. Although the fund seeks income that is exempt from federal income taxes, a portion of the fund’s distributions may be subject to federal, state and local taxes, including the alternative minimum tax.

Deutsche Strategic Municipal Income Trust seeks 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, credit, liquidity and market risks to varying degrees. 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 gains or losses. Although the fund seeks income that is exempt from federal income taxes, 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.

Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like “expect,” “anticipate,” “believe,” “intend,” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual future results or occurrences may differ from those anticipated in any forward-looking statements due to numerous factors, which include, but are not limited to, the receipt of financing in an amount sufficient to refinance the Series 2015 MTPS and the Original Preferred Shares; other legal and regulatory developments; and other additional risks and uncertainties. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Past performance is no guarantee of future results.

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

NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. (R-37720-1) (3/15)