Inclusion Criteria:

• All subjects must have a diagnosis of COPD according to GOLD guideline criteria:
• post-bronchodilator FEV1/FVC ratio < 70% (visit 1).
• Subjects must be GOLD Stage II and have a post-bronchodilator FEV1 >50% and < 80% of predicted normal (visit 1).
• Subjects must be current or ex-smokers with a smoking history of >=10 pack years.
• Subjects must have a Medical Research Council (MRC) dyspnea score >= 2.

Exclusion Criteria:

• Subjects who have been treated with maintenance medications for chronic respiratory disease within six months prior to screening.
• Subjects with significant diseases other than COPD. Subjects on chronic systemic corticosteroids.
• Subjects with any upper and/or lower respiratory tract infection or COPD exacerbation in the 6 weeks prior to the initial visit 1 or during the screening period prior to visit 3
• Subjects with a recent (past 6 months) myocardial infarction, any unstable or life threatening cardiac arrhythmia requiring intervention or change in drug therapy during the last year; or who have been hospitalized for cardiac failure during the past year.