Inclusion Criteria:

• Subjects must have measurable disease OR must be evaluable for disease progression
• Age >/= 18 years.
• Postmenopausal women
• Eastern Cooperative Oncology Group (ECOG) performance status (PS) 0 or 1.
• Histologically or cytologically confirmed ER and/or PgR positive carcinoma of the breast with unresectable, locally advanced and/or metastatic disease
• Subjects must have received prior hormonal therapy for the treatment of breast cancer (anastrozole, letrozole, or tamoxifen)
• Adequate hematologic, hepatic, and renal function

Exclusion Criteria:

• Prior use of exemestane or pazopanib
• Premenopausal women
• Any ongoing toxicity from prior anti-cancer therapy that is >Grade 1 and/or that is progressing in severity.
• Prior therapy with a VEGF inhibitor.
• Use of an investigational agent, including an investigational anti-cancer agent, within 28 days or 5 half-lives, whichever is longer, prior to the first dose of investigational product.
• Evidence of recurrence or active disease from prior malignancy.
• Clinically significant gastrointestinal abnormalities that may increase the risk for GI bleeding or affect the absorption of the investigational product(s).
• Presence of uncontrolled infection.
• History of any major cardiovascular conditions within the past 6 months:
• Poorly controlled hypertension
• History of cerebrovascular accident, pulmonary embolism or untreated deep venous thrombosis (DVT) within the past 6 months.
• Prior major surgery or trauma within 28 days prior to first dose of investigational product and/or presence of any non-healing wound, fracture, or ulcer
• Evidence of active bleeding or bleeding tendency.