Exhibit 6.45Exhibit
10.45

# FIFTH AMENDMENT TO
LOAN ARRANGEMENT

This Fifth Amendment to Loan
Arrangement (Fifth Amendment) is between Portland Brewing Company, an
Oregon corporation (Borrower) and MacTarnahan Limited Partnership, an
Oregon limited partnership (Lender).

# RECITALS

| | A. | Borrower and Lender are parties to an Amended and Restated Promissory Note (the
               Existing Note) dated January 1, 2003.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------

| | B. | Borrower and Lender are parties to an Agreement Concerning Loans and Security
               Interests dated November 1, 2001, as amended by First Amendment to Loan
               Arrangement dated June 1, 2002, Second Amendment to Loan Arrangement dated
               October 1, 2002, Third Amendment to Loan Arrangement dated January 1, 2003, and
               Fourth Amendment Loan Arrangement dated June 30, 2003;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | C. | Borrower has requested that certain amendments be made to the Existing Note; and
| | -- | --------------------------------------------------------------------------------

| | D. | Lender is willing to make certain amendments to the Existing Note on the terms
               and conditions provided in this Fifth Amendment.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------

| | E. | The parties wish to amend and restate the Existing Note to reflect the changes
               requested by Borrower.
| | -- | --------------------------------------------------------------------------------------------------------------------

# AGREEMENT

| | 1. | Second Amended and Restated Promissory Note.The Parties agree that the
               Existing Note will be surrendered, and a Second Amended and Restated Promissory
               Note will be executed. The Second Amended and Restated Promissory Note is
               attached as Exhibit A.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Further Assurances. The parties will sign other documents and take other
               actions reasonably necessary to further effect and evidence this Fifth
               Amendment.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Governing Law. This Fifth Amendment is governed by the laws of the State
               of Oregon, without giving effect to any conflict-of-law principle of any
               jurisdiction.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Venue. Any action or proceeding arising out of this Fifth Amendment will
               be litigated in courts located in Multnomah County, Oregon. Each party consents
               and submits to the jurisdiction of any local, state, or federal court located in
               Multnomah County, Oregon.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | Attorneys Fees. If any arbitration or litigation is instituted to
               interpret, enforce, or rescind this Fifth Amendment, including but not limited
               to any proceeding brought under the United States Bankruptcy Code, the
               prevailing party on a claim will be entitled to recover with respect to the
               claim, in addition to any other relief awarded, the
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1 - FIFTH AMENDMENT TO
LOAN AGREEMENT



| |  | prevailing partys
               reasonable attorneys fees, costs, and expenses incurred at arbitration, at
               trial, on appeal, and on petition for review, as determined by the arbitrator or
               court.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | Entire Agreement. This Fifth Amendment contains the entire understanding
               of the parties regarding the subject matter of this Fifth Amendment and
               supersedes all prior and contemporaneous negotiations and agreements, whether
               written or oral, between the parties with respect to the subject matter of this
               Fifth Amendment.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | Signatures. This Fifth Amendment may be signed in counterparts. A fax
               transmission of a signature page will be considered an original signature page.
               At the request of a party, the other party will confirm a fax-transmitted
               signature page by delivering an original signature page to the requesting party.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Dated effective: January 1, 2004
| | --------------------------------

| | MacTarnahan Limited Partnership, by Harmer Mill & Logging Supply Co., its General Partner
| | -----------------------------------------------------------------------------------------

| | /s/ Robert M. MacTarnahanBy: Robert M. MacTarnahan
Its: President
| | -----------------------------------------------------------------

| | Portland Brewing Company
| | ------------------------

| | /s/ Frederick BowmanBy: Frederick Bowman
Its: President
| | -------------------------------------------------------

2 - FIFTH AMENDMENT TO
LOAN ARRANGEMENT



# EXHIBIT A

This Promissory Note has not been
registered under the Securities Act of 1933 or any state securities laws. This Promissory
Note may not be sold, assigned, or otherwise negotiated to any person unless pursuant to
an effective registration statement filed under the Securities Act of 1933 and applicable
state securities laws, or unless Borrower receives an opinion of counsel, in form and from
counsel acceptable to Borrower, that the sale, assignment, or other negotiation is exempt
from the registration requirements of the Securities Act of 1933 and applicable state
securities laws.

# SECOND AMENDED AND
RESTATED

# PROMISSORY NOTE

|$1,700,000.00 | January 1, 2004
|------------- | ---------------

This Amended and Restated Promissory
Note (Note) is made by Portland Brewing Company, an Oregon corporation
(Borrower), in favor of MacTarnahan Limited Partnership, an Oregon
limited partnership (Lender). This Note replaces the Amended and
Restated Promissory Note dated January 1, 2003 between the parties (the ExistingNote). In connection with the execution of this Note, the Existing Note will be
surrendered and cancelled.

|1. | Payment. Borrower promises to pay to the order of Lender the principal
          amount of $1,700,000.00, together with interest on the unpaid principal amount
          from the date of this Note, as follows:
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) | on
January 1, 2005, and on the same day of each of the following 34 months,
          $15,000.00 together with accrued interest;
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | on
April 10, 2005  and on the same day of each following year until the
          entire principal amount, together with accrued interest, has been paid in its
          entirety  $35,000.00;
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) | on
July 10, 2005  and on the same day of each following year until the
          entire principal amount, together with accrued interest, has been paid in its
          entirety  $35,000.00; and
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (d) | on
November 1, 2007, the entire unpaid principal amount together with accrued
          interest.
| |  | --- | -------------------------------------------------------------------------------------------------

|2. | Variable
Interest Rate.
|-- | -----------------------

3 - FIFTH AMENDMENT TO
LOAN ARRANGEMENT



| |  | (a) | The
interest rate on this Note is subject to change from time to time based on
          changes in an independent index which is the annual interest rate, adjusted
          daily, published from time to time in TheWall Street Journal(Western
Edition) as the Prime Rate in the Money           Rates section,
as of any date of determination (the           Index). If the Index
becomes unavailable during the term of           this loan, Lender may designate a
substitute index after notice to Borrower.           Lender will tell Borrower the
current index rate upon Borrowers request.           The interest rate change will
not occur more often than each day. The Index on           the date of the Original Note
was 5.50% per annum. The interest rate to be           applied to the unpaid principal
balance will be at a rate of 1.25 percentage           points over the Index, resulting
in an initial rate of 6.75% per annum. The           Index is currently 4.25% per annum,
resulting in an interest rate of 5.50% per           annum.
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | The
annual interest rate for this Note is computed on a 365/360 basis; that is,           by
applying the ratio of the annual interest rate over a year of 360 days,
          multiplied by the outstanding principal balance, multiplied by the actual
number           of days the principal balance is outstanding.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) | Interest
on the regular monthly payments originally due between June 2002 and           December
2004 (with the exception of the payment for December 2002, which was           made), as
well as interest on the payments originally due on April 10 and July           10 of
2002, 2003, and 2004 will be accrued monthly and will be added to the           principal
amount of this Note.
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Place of Payments. All payments under this Note will be made to Harmer
          Mill & Logging Supply Co., Lenders general partner, at 11416 SW
          Lynnridge Avenue, Portland, Oregon 97225, or to any other person or any other
          address that Lender may designate by notice to Borrower.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Application of Payments.
|-- | ------------------------

|(a) | All payments made under Section 1(a) and all prepayments will apply as
          follows:
|--- | -----------------------------------------------------------------------------------------

| |  |  | (1) | first
to any costs and expenses due to Lender;
| |  |  | --- | ----------------------------------------------

| |  |  | (2) | then
to accrued interest to date of payment; and
| |  |  | --- | ------------------------------------------------

| |  |  | (3) | then
to the unpaid principal amount; and
| |  |  | --- | ----------------------------------------

|(b) | All payments made under Section 1(b) and Section 1(c) will apply
          as follows:
|--- | --------------------------------------------------------------------------------------

| |  |  | (1) | first
to any costs and expenses due to Lender; and
| |  |  | --- | --------------------------------------------------

| |  |  | (2) | then
to the unpaid principal amount.
| |  |  | --- | ------------------------------------

|5. | Prepayments. Borrower may prepay a part or all of the unpaid principal
          amount at any time. Excess payments or prepayments will not be credited as
          future scheduled payments required by this Note.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4 - FIFTH AMENDMENT TO
LOAN ARRANGEMENT



|6. | Cash Flow Reviews. On or about January 15, April 15, July 15, and October
          15 of each year until the entire principal amount, together with accrued
          interest, has been paid in its entirety, the president of Borrower will meet
          with Lender to review the cash flow situation of Borrower.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | Security. The obligations of Borrower under this Note are secured by the
          Security Agreement dated November 1, 2001 between Borrower and Lender (the
          Security Agreement).
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | Events of Default. Each of the following is an event of default under
          this Note:
|-- | ------------------------------------------------------------------------------------------

| |  | (a) | Borrower
fails to make any payment required by this Note within 20 days after           Lender
notifies Borrower of the failure to make the payment when due;
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | Borrower
voluntarily dissolves or ceases to exist, or any final and           nonappealable order
or judgment is entered against Borrower ordering its           dissolution;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) | Borrower
fails to pay, becomes insolvent or unable to pay, or admits in writing           an
inability to pay Borrowers debts as they become due, or makes a general
          assignment for the benefit of creditors;
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (d) | a
proceeding with respect to Borrower is commenced under any applicable law for
          the benefit of creditors, including but not limited to any bankruptcy or
          insolvency law, or an order for the appointment of a receiver, liquidator,
          trustee, custodian, or other officer having similar powers over Borrower is
          entered; and
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (e) | an
event of default occurs under the Security Agreement.
| |  | --- | --------------------------------------------------------

|9. | Remedies. On and after an event of default under this Note, Lender may
          exercise the following remedies, which are cumulative and which may be exercised
          singularly or concurrently:
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) | upon
notice to Borrower, the right to accelerate the due dates under this Note           so
that the unpaid principal amount, together with accrued interest, is
          immediately due in its entirety;
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | any
remedy available to Lender under the Security Agreement; and
| |  | --- | ----------------------------------------------------------------

| |  | (c) | any
other remedy available to Lender at law or in equity.
| |  | --- | ---------------------------------------------------------

|10. | Amendment. This Note may be amended only by a written document signed by
          the party against whom enforcement is sought.
|--- | --------------------------------------------------------------------------------------------------------------------------------

|11. | Waiver.
|--- | -------

| |  | (a) | Borrower
waives demand, presentment for payment, notice of dishonor or           nonpayment,
protest, notice of protest, and lack of diligence in collection, and
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

5 - FIFTH AMENDMENT TO
LOAN ARRANGEMENT



| |  |  | agrees
that Lender may extend or postpone the due date of any payment required           by this
Note without affecting Borrowers liability.
| |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | No
waiver will be binding on Lender unless it is in writing and signed by           Lender.
Lenders waiver of a breach of a provision of this Note will not be           a
waiver of any other provision or a waiver of a subsequent breach of the same
          provision.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | Severability. If a provision of this Note is determined to be
          unenforceable in any respect, the enforceability of the provision in any other
          respect and of the remaining provisions of this Note will not be impaired.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | Governing Law. This Note is governed by the laws of the State of Oregon,
          without giving effect to any conflict-of-law principle of any jurisdiction.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

|14. | Venue. Any action or proceeding arising out of this Note will be
          litigated in courts located in Multnomah County, Oregon. Borrower consents and
          submits to the jurisdiction of any local, state, or federal court located in
          Multnomah County, Oregon.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15. | Attorneys Fees. If any arbitration or litigation is instituted to
          interpret, enforce, or rescind this Note, including but not limited to any
          proceeding brought under the United States Bankruptcy Code, the prevailing party
          on a claim will be entitled to recover with respect to the claim, in addition to
          any other relief awarded, the prevailing partys reasonable attorneys
          fees, costs, and expenses incurred at arbitration, at trial, on appeal, and on
          petition for review, as determined by the arbitrator or court.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. | Costs and Expenses. If an event of default under this Note occurs and
          Lender does not institute any arbitration or litigation, Borrower will pay to
          Lender, upon Lenders demand, all reasonable costs and expenses, including
          but not limited to attorneys fees and collection fees, incurred by Lender
          in attempting to collect the indebtedness evidenced by this Note.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |                                                                                                  
| | -------------------------------------------------------------------------------------------------
| | Borrower:
 Portland Brewing Company/s/ FREDERICK L. BOWMAN
By: Frederick L. Bowman
Its: President

6 - FIFTH AMENDMENT TO
LOAN ARRANGEMENT