A Study to Compare a New Drug for Type 2 Diabetes to Placebo and to a Treatment Already Available for Type 2 Diabetes

The study will include a 12 week blinded treatment period, where neither the participant nor
the investigator will know to which treatment each individual is assigned. Thereafter
follows a 12 week period where participants and the investigator will know which treatment
they are assigned to. Participants on LY2944876 and on exenatide extended-release continue
treatment in this period, those who received placebo will be followed without treatment.

Inclusion Criteria:

- Men or women with diabetes mellitus Type 2

- Have screening HbA1c ≥7.0% and ≤10.5% either on diet and exercise alone or on a
stable dose of metformin (≥1000 mg/day) for 3 months prior to screening

- Have body mass index (BMI) ≥23 and ≤45 kilograms per meter squared at screening

Exclusion Criteria:

- Women of child bearing potential

- Participants who have used thiazolidinediones within 3 months prior to screening, or
any other drugs for treatment of hyperglycemia (except metformin) within the prior 2
months

- Participants who have used insulin for diabetic control for more than 6 consecutive
days within the prior year

- Participants with impaired renal function (serum creatinine >124 micromole per liter
(µmol/L) [1.4 milligrams per deciliter (mg/dL)] in women, >133 µmol/L [1.5 mg/dL] in
men)