Legg Mason, Inc. (LM): Trian Partners Unloads Almost Entire Stake

Page 16 of 17 – SEC Filing

Exhibit 1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock of Legg Mason, Inc. and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, have executed this Joint Filing Agreement this 11th day of April, 2016.

	TRIAN FUND MANAGEMENT, L.P. By:  Trian Fund Management GP, LLC, its general partner By:  /s/EDWARD P. GARDEN Name:  Edward P. Garden Title:    Member
	TRIAN FUND MANAGEMENT GP, LLC By:  /s/EDWARD P. GARDEN Name:  Edward P. Garden Title:    Member
	TRIAN PARTNERS, L.P. By: Trian Partners GP, L.P., its general partner By: Trian Partners General Partner, LLC, its general partner By:  /s/EDWARD P. GARDEN Name:  Edward P. Garden Title:    Member
	TRIAN PARTNERS MASTER FUND, L.P. By: Trian Partners GP, L.P., its general partner By: Trian Partners General Partner, LLC, its general partner By:  /s/EDWARD P. GARDEN Name:  Edward P. Garden Title:    Member
	TRIAN PARTNERS PARALLEL FUND I, L.P. By:  Trian Partners Parallel Fund I General Partner, LLC, its general partner By:  /s/EDWARD P. GARDEN Name:  Edward P. Garden Title:    Member