A Research Study to Compare a Medicine Called Semaglutide Against Placebo in People With Peripheral Arterial Disease and Type 2 Diabetes

Inclusion Criteria:

• Male or female, age above or equal to 18 years at the time of signing informedconsent. For Japan: Male or female, age above or equal to 20 years at time ofsigning informed consent

• Diagnosed with type 2 diabetes mellitus at least 180 days prior to the day ofscreening.

• Symptomatic PAD with intermittent claudication corresponding to Fontaine stage IIa (Rutherford classification grade I, category 1 and 2) meeting all of the following:

1. Stable symptoms of PAD with intermittent claudication in Fontaine stage IIa (able to walk without stopping more than 200 m/656 feet/2 blocks) for at least 90 days prior to the day of screening based on patient interview.

2. Screening flat treadmill test (3.2 km/h (2 mph)): Pain-free walking distance ofat least 200 meters/656 feet.

3. Screening constant load treadmill test with fixed inclination of 12% and afixed speed of 3.2 km/h (2 mph): Walking distance equal to or less than 600meters/1968 feet.

4. Ankle-brachial-index (ABI) equal to or below 0.90 or toe-brachial index (TBI)equal to or below 0.7 (the leg with lowest index is chosen in case of bilateraldisease).

Exclusion Criteria:

• Current or previous treatment with any GLP-1 receptor agonist (GLP-1-RA) within 90days prior to the day of screening.

• Walking ability limited by conditions other than PAD (e.g. aortic aneurism,dysregulated arrhythmia or hypertension, angina pectoris, heart failure, chronicobstructive or restrictive pulmonary disease, Parkinson's disease, severe peripheralneuropathy, amputations, wheel chair or walker dependency, osteoarthritis, morbidobesity, severe varicose veins, etc.).

• Planned orthopaedic surgery in the legs, or other major surgery known on the day ofscreening (surgery affecting walking ability).

• Vascular revascularisation procedure of any kind 180 days prior to the day ofscreening.

• Planned arterial revascularisation known on the day of screening.

• Myocardial infarction, stroke, hospitalisation for unstable angina pectoris ortransient ischemic attack within 180 days prior to the day of screening.

• Heart failure presently classified as being in New York Heart Association (NYHA)class III-IV.