<PAGE>

                                                                    EXHIBIT 6.8

                          LOAN RESTRUCTURING AGREEMENT

     THIS LOAN RESTRUCTURING AGREEMENT (this "Agreement") is made as of the 
18th day of November, 1998, by and among the MACTARNAHAN LIMITED PARTNERSHIP, 
an Oregon limited partnership ("Lender"), HARMER MILL & LOGGING SUPPLY CO., 
an Oregon corporation ("Guarantor") and PORTLAND BREWING COMPANY, an Oregon 
corporation ("Borrower").

RECITALS.

     A.   Borrower is obligated to Lender, under and pursuant to that certain 
Business Loan Agreement dated as of December 15, 1995, between Borrower and 
Bank of America NT & SA, as amended (a) in six amendments numbered one 
through five, and seven (a number six having never been executed), and dated 
as of July 23, 1996, December 19, 1996, March 27, 1997, April 23, 1997, 
November 24, 1997, and May, 1998, respectively, the lender's interest in 
which was assigned to and assumed by Lender pursuant to an Assignment of 
Interest under Loan Documents -Private, dated as of August 17, 1998 (the 
"Assumption Agreement"), and as further amended (b) in that certain Credit 
and Forbearance Agreement (the "Forbearance Agreement") between Borrower and 
Lender dated August 17, 1998. Such Business Loan Agreement, as amended by the 
documents listed in clauses (a) and (b), is herein referred to as the "Loan 
Agreement."
          
     B.   Borrower is the maker of that certain $600,000.00 promissory note
given by Borrower to Lender, dated August 17, 1998 (the "Demand Note").  All
sums advanced by Lender to Borrower pursuant to the Forbearance Agreement, and
evidenced by such Demand Note, together with any and all interests and changes
thereon, have been paid and satisfied in full.
          
     C.   The Loan Agreement is secured by that certain Security Agreement
(Receivables, Inventory and Equipment) dated as of December 15, 1995 (the
"Security Agreement"), and by a UCC-1 Financing Statement recorded with the
Oregon Secretary of State on December 21, 1995, and a UCC-1A Financing Statement
recorded in Multnomah County on December 27, 1996 (together with the Security
Agreement, the "Security Instruments"), all of which were assigned to Lender
pursuant to the Assumption Agreement.  The Loan Agreement and the Security
Instruments are herein together referred to as the "Loan Documents."

     D.   Under the Loan Documents Borrower is indebted to Lender under three
facilities, originally consisting of a revolving line of credit (the "Revolving
Line") and two fixed term loans (the "Term Loans"); all of such facilities are
due and payable on Lender's demand made any time on or after September 1, 1998.

     E.   Pursuant to the Forbearance Agreement, Lender agreed to forebear until
August 31, 1998, from exercising any remedies available to it under the Loan
Documents arising by reason of Borrower's existing defaults thereunder to enable
Borrower to pursue negotiations with other financial institutions to extend
credit to Borrower so that Borrower could pay and retire all or a portion of
Borrower's indebtedness to Lender.

     F.   Borrower has procured a $600,000 replacement facility for the
Revolving Line (the "BNW Credit Line") from Bank of the Northwest (the "Bank")
as evidenced by that certain note and credit agreement, each dated September 2,
1998, given by Borrower to the Bank (together, the "Bank Loan Documents").  

     G.   By  a Commercial Guarantee dated September 2, 1998 (the "Guarantee"),
given by Guarantor to the Bank, Guarantor has agreed to act as a primary
guarantor on the BNW Credit Line, as more particularly set forth in the
Guarantee and in the Bank Loan Documents.  The Guarantee is secured by that
certain $600,000

<PAGE>

Certificate of Deposit # 0109006895 issued by the Bank in the name of 
Guarantor (the "CD") and pledged by Guarantor to the Bank under that certain 
Assignment of Deposit Account dated September 2, 1998 (the "Pledge 
Agreement").  Upon a default by Borrower in its obligations to the Bank under 
the Bank Loan Documents, the Bank is entitled to redeem the CD and apply sums 
payable upon such redemption to cure any default by Borrower in its 
obligations under the Bank Loan Documents, which application will be in 
discharge, in whole or in part, of Guarantor's obligations under the 
Guarantee.

     H.   Borrower has requested that (i) Lender release and forever 
discharge Borrower from its obligations evidenced by the Loan Agreement, in 
exchange for Borrower's execution and delivery to Lender of Borrower's term 
promissory note in the amount of $2,100,000.00, to be secured by the Security 
Instruments, and (ii) Guarantor undertake to keep in effect, and perform its 
obligations under, the Guarantee and Pledge Agreement.  Lender is willing to 
grant such release and discharge, and Guarantor is willing to make such 
accommodations, subject, however, to the terms, and satisfaction of the 
conditions, stated in this Agreement.

AGREEMENT.

     NOW THEREFORE, in consideration of the premises and of the mutual 
covenants contained herein, the parties agree:

     1.   BORROWER'S REPRESENTATIONS AND WARRANTIES. Borrower hereby 
represents and warrants to and for the benefit of Lender and Guarantor, and 
with the knowledge that Lender and Guarantor are relying hereon in entering 
into this Agreement and granting the accommodations herein contained:

          1.1  AGREEMENTS IN EFFECT; NO DEFAULTS.  Except as set forth in 
Schedule 1.1, the Loan Documents, and each of them, is in full force and 
effect and unmodified.

          1.2  OUTSTANDING OBLIGATIONS.  Attached as Schedule 1.2 to this 
Agreement is a true and correct summary of the current status of each of the 
credit facilities outstanding under the Loan Documents, including, without 
limitation, the outstanding principal balance of each such facility, the rate 
at which interest is accruing thereunder, the amount of outstanding interest 
accrued thereunder and the amount of any payment past due thereunder.

          1.3  FINANCIAL STATEMENTS.  The Company's financial statements, 
consisting of the items listed in Schedule 1.3, dated as of September 30, 
1998, in the forms previously provided to Lender and Guarantor, accurately 
reflect the Company's financial status and results of operations as of the 
date thereof and, except for (a) transactions in the normal course of 
business occurring after such date and (b) transactions outside the normal 
course of business after such date that have been approved by a vote of the 
Company's Board of Directors at a duly convened meeting (or by a unanimous 
written consent of the Board in lieu of such a meeting), such September  30, 
1998, statements continue to reflect accurately the Company's financial 
status and results of operations.

          1.4  STOCK OWNERSHIP.  There is issued and outstanding, and held of 
record in the name of each shareholder identified in Schedule 1.4, that 
number of shares of the Company's voting capital stock, or the right to 
acquire that number of shares of the Company's voting capital stock, as is 
set forth opposite such shareholder's name in said Schedule 1.4.  The Company 
acknowledges that each of the shareholders identified in said Schedule 1.4 is 
a party to a Voting Agreement dated on or about the date of this Agreement 
and executed by such Shareholders to and for the benefit of Lender and 
Guarantor as a material inducement to Lender and Guarantor to enter into this 
Agreement. 

     2.   RELEASE.  

          2.1  BY LENDER.  Subject to completion of the deliveries called for 
in Section 4 and further subject to the succeeding sentence, this Agreement 
shall be Lender's discharge and release of 

<PAGE>

Borrower from each and every obligation evidenced by the Loan Agreement, and 
Lender shall make no demand on or claim against Borrower in respect of such 
obligations.  Nothing herein is intended, nor should it be construed, to 
release or terminate the Security Instruments, each which shall remain in 
full force and effect.

          2.2  BY BORROWER.  Subject to completion of the deliveries called 
for in Section 4 and further subject to the succeeding sentence, this 
Agreement shall be Borrower's discharge and release of Lender from each and 
every obligation evidenced by or arising under the Loan Agreement, and 
Borrower shall make no demand or claim against Lender in respect of such 
obligations.  Nothing herein is intended, nor should it be construed, to 
release or terminate the Security Instruments, each of which shall remain in 
full force and effect.

     3.   CREDIT ACCOMMODATIONS. Subject to completion of the deliveries 
called for in Section 4, and provided that no Event of Default exists 
hereunder or under the Reimbursement Agreement (defined at Section 4.1), 
Guarantor shall maintain in effect, and shall duly and timely perform each of 
its obligations under, the Guarantee and the Pledge Agreement, as and to the 
extent necessary to cause the BNW Credit Line to remain available to the 
Company for a term ending August 27, 1999.

     4.   DELIVERIES.  Contemporaneously with execution and delivery of this 
Agreement, and as a condition precedent to its efficacy:

          4.1  BY BORROWER. Borrower shall execute and deliver:  
          
               (a)  to Lender, Borrower's promissory note in the form of 
Exhibit A, in the original principal amount of $2,100,000 (the "Term Note");
               
               (b)  to Guarantor, Borrower's Reimbursement Agreement in the 
form of Exhibit B (the "Reimbursement Agreement").
               
          4.2  BY LENDER.  Lender shall:
          
               (a)  execute and deliver to Guarantor an Assignment of 
Interest in Security Agreement in the form of Exhibit C;
               
               (b)  execute and cause to be filed with the Oregon Secretary 
of State and Multnomah County Recorder a UCC-3 financing statement, 
reflecting the assignment described in clause (a); and
               
               (c)  mark the Demand Note "Paid" and deliver the same to 
Borrower.

     5.   SECURITY AGREEMENT.  Borrower hereby acknowledges that (a) by the 
Assignment of Interest in Security Agreement required to be executed and 
delivered at Section 4.2(a), Lender has assigned to Guarantor an undivided 
interest in Lender's rights and interest as the secured party under the 
Security Agreement, (b) Lender and Guarantor are both secured parties under 
the Security Agreement, each vested with full power and authority thereunder, 
whether acting together or unilaterally, to exercise all rights and enjoy all 
remedies afforded the secured party thereunder, (c) the Term Note, and all 
amounts advanced, accruing or that might otherwise come due thereunder or 
under this Agreement, constitute "Indebtedness" under Section 2 of the 
Security Agreement and payment and performance thereof is therefore secured 
by the Security Instruments, and (d) the Reimbursement Agreement, and all 
amounts that come due thereunder from Borrower to Guarantor, constitute 
"Indebtedness" under Section 2 of the Security Agreement and payment and 
performance  thereof is therefore secured by the Security Instruments.

<PAGE>

6.   BORROWER'S COVENANTS.

          6.1  GRANT OF ADDITIONAL SECURITY INTERESTS.  Except with Lender 
and Guarantor's prior written consent, (a) Borrower shall not incur any 
indebtedness other than (i) trade debt in the normal course of business and 
in accordance with all agreements binding on Borrower, and (ii) the Term Note 
and BNW Credit Line, and (b) Borrower shall not create, or suffer the 
creation or existence of, any pledge, mortgage, lien, hypothecation or 
assignment for security of any of its property or assets (including, without 
limitation, the collateral under the Security Agreement), except that 
Borrower may create or suffer to be created or exist the liens and 
encumbrances described in Schedule 6.1 (the "Permitted Encumbrances").

          6.2  MISREPRESENTATIONS.  Borrower shall not make to Lender or 
Guarantor, and Borrower shall not furnish to Lender or Guarantor any 
certificate or other document that contains, any untrue statement of a 
material fact, nor shall any such certificate or other document omit a 
material fact necessary to make the statements made therein not misleading.

          6.3  FINANCIAL STATEMENTS AND REPORTS.  

               6.3.1     FINANCIAL STATEMENTS. On or before March 31 of each 
year, commencing March 31, 1999, Borrower shall deliver to Lender and 
Guarantor Financial Statements (defined below) for the preceding year ended 
December 31. On or before the tenth day of each October, January, April and 
July, commencing upon execution of this Agreement for the report due October 
10, 1998, or at such other times as Borrower, Lender and Guarantor may agree, 
Borrower shall deliver to Lender and Guarantor interim Financial Statements 
for the preceding calendar quarter together with Borrower's cash flow 
projections for the ensuing twelve (12) months.

               6.3.2     DEFINITION.    "Financial Statements" shall in each 
case be prepared in reasonable detail and in accordance with generally 
accepted accounting principles applied consistently with past periods, if 
pertaining to a fiscal year end shall be prepared and certified by Borrower's 
independent public accountants, such certification to contain no 
qualifications concerning the scope of the audit and only such other 
qualifications as are reasonably acceptable to Lender and Guarantor, and 
shall include Borrower's balance sheet, statements of income and expense, of 
changes in equity, and of changes in financial position, cash flow, reserves, 
and comparison to budget(s), in each case together with all notes and 
schedules thereto.

          6.4  PRESERVATION OF EXISTENCE.  Borrower shall preserve and 
maintain, and cause to be preserved and maintained, the existence, licenses, 
rights, franchises and privileges of the Borrower, in the jurisdiction(s) of 
its formation, and all material authorizations, consents, approvals, orders, 
licenses, permits, or exemptions from, or registrations with, any 
governmental agency that are necessary for the transaction of Borrower's 
business.

          6.5  COMPLIANCE WITH LAWS.  Borrower shall comply with the 
requirements of all applicable laws, and orders of any governmental agency, 
noncompliance with which could materially and adversely affect the business, 
operations or condition (financial or otherwise) of Borrower, or Borrower's 
business or assets.

          6.6  COMPLIANCE WITH AGREEMENTS, DUTIES AND OBLIGATIONS. Borrower 
shall promptly and fully comply with all its agreements, duties and 
obligations under any material agreements, indentures, leases or instruments 
to which it is a party.

          6.7  PAYMENT OF TAXES AND CLAIMS.  Borrower shall pay, before they 
become delinquent:

               (a)  All taxes, assessments and governmental charges or levies 
imposed upon Borrower or any of the assets of Borrower; and

<PAGE>

               (b)  All claims or demands of materialmen, mechanics, 
carriers, warehousemen, landlords, and other like persons that, if unpaid, 
might result in the creation of a lien upon the property or assets of 
Borrower; PROVIDED, however, that none of the foregoing need be paid while 
being contested in good faith so long as Borrower's title to, and its right 
to use, its assets is not materially and adversely affected thereby, and so 
long as adequate reserves are maintained for such claims.

          6.8  INSPECTION.  Borrower shall permit Lender and Guarantor, upon 
reasonable notice to Borrower, to examine or audit Borrower's books of 
account and records and to copy and take extracts therefrom and to discuss 
Borrower's affairs, finances or accounts with Borrower and Borrower's 
financial and legal advisors, and to be advised as to the same by the 
officers of Borrower, in such detail and through such agents and 
representatives as Lender or Guarantor may reasonably desire.

          6.9  NOTICE OF DEFAULT.  Borrower shall promptly notify Lender and 
Guarantor if it learns that an Event of Default (defined at Section 8) has 
occurred or that there exists any fact or circumstance that, with notice, the 
passage of time, or both, would constitute an Event of Default, and shall 
specify with particularity the nature of such Event of Default, the period of 
existence of such Event of Default, and the actions Borrower is taking or 
proposes to take with respect thereto.  Without limiting the generality of 
the foregoing, Borrower shall notify Lender and Guarantor under this Section 
6.9 in the following circumstances:  

               (a) of any material delay in Borrower's performance of any of 
its obligations owing to any creditor or customer, and of any assertion of 
any claims, offsets, defenses or counterclaims by any creditor or customer 
other than offsets that are customary and ordinary in Borrower's business;

               (b)  of any material adverse information relating to the 
financial or other condition of any customer of Borrower including, without 
limitation, any customer's insolvency, inability to pay its debts as they 
come due, filing for protection from creditors, or voluntary or involuntary 
filing of a bankruptcy or similar petition under any state or federal law;

               (c) if Borrower receives notice of deficiency in the payment 
of any tax, or of lien, levy, or assessment of record with respect to all or 
any substantial portion of assets by the United States, any department, 
agency, or instrumentality thereof, of by any state, county, municipal, or 
other governmental agency.

          6.10 DISCLOSURE OF MATERIAL LITIGATION.  Borrower shall promptly 
notify Lender and Guarantor of any litigation or other action, suit or 
proceeding, before any court or governmental agency, to which Borrower is a 
party if the amount at risk in connection therewith that is not fully covered 
by insurance exceeds $25,000.00; if such litigation, regardless of the amount 
in controversy, relates to or arises from the collateral under the Security 
Agreement; or if, in the reasonable opinion of Borrower, such litigation 
otherwise is material.  Thereafter, Borrower shall keep Lender and Guarantor 
apprised of the status of such litigation or other such action, suit or 
proceeding in such manner as Lender and Guarantor may reasonably request.

          6.11 ADDITIONAL ACTS.  In addition to the acts that Borrower is 
obligated to perform under this Agreement, Borrower shall from time to time 
perform, execute and deliver to Lender and/or Guarantor any and all such 
further acts, additional documents, or further assurances as may be 
reasonably necessary or proper to:  (a) implement the intent of the parties 
to this Agreement; (b) correct any errors in this Agreement, under the Term 
Note, under the Reimbursement Agreement or under the Security Instruments; 
(c) assure Lender and Guarantor of the validity and priority of the liens 
they hold pursuant to this Agreement and the Security Instruments; (d) 
create, perfect, preserve, maintain and protect the liens and security 
interests created or intended to be created by the Security Instruments; or 
(e) provide the rights and remedies to Lender and Guarantor that are 
contemplated by this Agreement, the Term Note, the Reimbursement Agreement 
and the Security Instruments.

     7.   FEES AND EXPENSES.  Borrower shall pay directly when due, or shall 
reimburse to Lender and/or Guarantor on demand, all of Lender and Guarantor's 
reasonable out-of-pocket costs and expenses, to the 

<PAGE>

extent incurred by Lender or Guarantor in connection with the negotiation, 
preparation, review, carrying out, amendment, waiver, refinancing, 
restructuring, reorganization and enforcement of, and collection pursuant to, 
this Agreement, any advance or disbursement under the Term Note, any advance 
to Bank in respect of the Guarantee, any substitution of security under this 
Agreement or the Security Instruments, and any amendment of any financing 
statement made or given pursuant to this Agreement or the Security Agreement 
including, without limitation, Lender and Guarantor's reasonable attorneys' 
fees; fees of Lender and Guarantor's certified public accountants and other 
outside experts; credit reports; appraisal fees; lien searches; escrow 
charges; recording or filing fees; insurance premiums; inspection, due 
diligence and/or audit fees before execution hereof and periodically during 
the term hereof; and any and all other expenses or charges incurred in 
connection hereof.

     8.   EVENTS OF DEFAULT.  Any of the following events is an Event of 
Default:

               8.1  If any payment due under this Agreement is not paid 
within five (5) days of the date upon which notice of default in the making 
of such payment was given to Borrower.

               8.2  If there occurs an Event of Default under the Term Note, 
the Reimbursement Agreement or the Security Instruments, or any of them, as 
the term Event of Default is defined in such document.

               8.3  If any representation made herein, or under any other 
document or instrument delivered by Borrower to Lender or Guarantor in 
connection herewith or pursuant hereto, shall be false in any material 
respect when made, or if any warranty made herein, or under any other 
document or instrument delivered by Borrower to Lender or Guarantor in 
connection herewith or pursuant hereto, shall be breached in any material 
respect.

               8.4  If Borrower shall breach a covenant set forth at Section 
6.1, 6.9 or 6.10.

               8.5  If any of the following should occur: (i) Borrower 
becomes insolvent, makes a transfer in fraud to, or an assignment for the 
benefit of, creditors, or admits in writing its inability, or is unable, to 
pay debts as they become due; or (ii) a receiver, custodian, liquidator, or 
trustee is appointed for all or substantially all of the assets of Borrower 
or for any portion of Borrower's accounts receivable, or any such receiver or 
trustee is appointed in any proceeding brought against Borrower or Borrower's 
accounts receivable and such appointment is not promptly contested or is not 
dismissed or discharged within one hundred twenty (120) days after such 
appointment, or Borrower consents or acquiesces in such appointment; or (iii) 
Borrower files a petition for relief under the Federal Bankruptcy Code, as 
amended, or under any similar law or statute of the United States or any 
state thereof; or (iv) a petition against Borrower is filed commencing an 
involuntary case under any present or future Federal or state bankruptcy or 
similar law and such petition is not dismissed or discharged within one 
hundred twenty (120) days after the filing thereof; or (v) any composition, 
rearrangement, liquidation, extension, reorganization, or other relief of 
debtors now or hereafter existing is requested by Borrower; or (vi) Borrower 
is dissolved and liquidated or all or substantially all of the assets of 
Borrower are sold or otherwise transferred.

               8.6 If Borrower fails to comply with any requirement of any 
governmental authority, of which Borrower receives written notice, within the 
time period specified for compliance in such notice or, if no time period is 
specified, within thirty (30) days following Borrower's receipt of such 
notice.

               8.7  If Borrower shall fail to perform any other obligation 
contained in this Agreement within fifteen (15) days after notice from Lender 
or Guarantor specifying the nature of the failure or default or, if the 
failure or default cannot be cured within fifteen (15) days, failure within 
such time to commence and pursue with reasonable diligence curative action.  
No notice of default and opportunity to cure shall be required or given if 
during the preceding twelve (12) calendar months Lender or Guarantor has sent 
a notice to Borrower concerning a default in performance of the same 
obligation.

<PAGE>

               8.8  If a default shall occur under any material agreement, 
indenture, lease or instrument to which Borrower is a party or to which any 
of its properties or assets is subject, after giving effect to any notice and 
cure period to which Borrower may be entitled thereunder.

     9.   GENERAL PROVISIONS.  

          9.1  GOVERNING LAW.  This Agreement shall be enforced and construed 
in accordance with the laws of Oregon and Borrower waives the right to be 
sued elsewhere.

          9.2  SUCCESSORS AND ASSIGNS.  This Agreement shall be binding upon 
Borrower and the successors and legal representatives of Borrower, and shall 
inure to the benefit of Lender and Guarantor and the successors, assigns and 
legal representatives of each.  All references herein to Lender or Guarantor 
shall include, as applicable, any subsequent owner and/or holder of this 
Agreement, the Term Note, the Reimbursement Agreement and the Security 
Instruments, or any interest in any of them.

          9.3  CUMULATIVE REMEDIES.  Each of Lender and Guarantor's rights, 
remedies and recourse under this Agreement, the Term Note, the Reimbursement 
Agreement and the Security Instruments is separate and cumulative and may be 
pursued separately, successively or concurrently, is non-exclusive and the 
exercise of any one or more of them shall in no way limit or prejudice any 
other legal or equitable right, remedy or recourse to which Lender or 
Guarantor may be entitled.

          9.4  MODIFICATIONS.  No provision hereof shall be modified or 
limited by course of conduct, usage of trade, by the law merchant or in any 
other manner except by a written agreement expressly referring hereto and to 
the provision so modified or limited and signed by Borrower, Lender and 
Guarantor.

          9.5  SEVERALTY.  In case any one or more of the provisions 
contained in this Agreement shall for any reason be held to be invalid, 
illegal or unenforceable in any respect, such invalidity, illegality or 
unenforceability shall not affect any other provision hereof, and this 
Agreement shall be construed as if such invalid, illegal or unenforceable 
provision had never been contained herein.

          9.6  NOTICES.  All notices or other communications required or 
permitted hereunder shall be in writing, and shall be personally delivered 
(including by means of professional messenger service) or sent by registered 
or certified mail, postage prepaid, return receipt requested, or by facsimile 
transmission followed by delivery of a "hard" copy, and shall be deemed 
received upon the date of receipt thereof, as follows:

          If to Lender 
          or Guarantor:         c/o Robert M. "Mac" MacTarnahan
                                11416 SW Lynnridge Ave.
                                Portland, OR  97225
                                Telecopy: (503) 646-3782

          With a copy to:   Parisi & Parisi, LLP
                                1630 S.W. Morrison, Suite 100
                                Portland, OR  97205
                                Telecopy: (503) 721-2300
                                Attn:  Robin B. Parisi

          If to Borrower:   Portland Brewing Company
                                2730 NW 31st Ave.
                                Portland, OR  97210
                                Telecopy: (503) 226-2702
                                Attn: Charles Adams

<PAGE>

With a copy to:             Schwabe Williamson & Wyatt PC
                                1600-1800 PacWest Center
                                1211 SW 5th Ave
                                Portland, OR  97204
                                Telecopy: (503) 796-2900
                                Attn:  John D. Guinasso

Notice of change of address shall be given by written notice in the manner 
specified in this Section 9.6.

          9.7  ATTORNEYS' FEES.  Should any litigation be commenced between 
the parties concerning this Agreement or the transactions contemplated 
hereby, the prevailing party in such litigation shall be entitled, in 
addition to such other relief as may be granted, to receive from the losing 
party a reasonable sum as and for its attorneys' fees, at trial, on appeal, 
in connection with any petition for review, or in any proceeding before a 
U.S. Bankruptcy Court, said amount to be set by the court before which the 
matter is heard.

          9.8  NO SEPARATE AGREEMENTS. This Agreement, the Term Note, the 
Reimbursement Agreement and the Security Instruments contain all of the 
agreements of Borrower, Lender and Guarantor concerning their subject matter 
and the rights and obligations of Borrower with respect thereto, and there 
are no other agreements or understandings concerning the same between 
Borrower, Lender and Guarantor.

          9.9  ENTIRE AGREEMENT.  This Agreement, together with the exhibits 
listed below and any other document to be furnished pursuant to the 
provisions hereof embody the entire agreement and understanding of the 
parties hereto as to the subject matter contained herein.  There are no 
restrictions, promises, representations, warranties, covenants, or 
undertakings other than those expressly set forth or referred to in such 
documents.  This Agreement and such documents supersede all prior agreements 
and understandings among the parties with respect to the subject matter 
hereof.

               Exhibit A      -    Form of Term Note
               Exhibit B      -    Form of Reimbursement Agreement
               Exhibit C      -    Form of Assignment of Interest under 
                                   Security Agreement
               Schedule 1.1   -    Status of Loan Documents
               Schedule 1.2   -    Status of Credit Facilities
               Schedule 1.3   -    List of Financial Statements
               Schedule 1.4   -    List of Certain Shareholders
               Schedule 6.1   -    Permitted Encumbrances 

<PAGE>

     In witness whereby, the parties have executed this Agreement by and 
through their duly authorized officers as of the date and year first written 
above.

                    MACTARNAHAN LIMITED PARTNERSHIP,
                    an Oregon limited partnership
                    
                    By:  Harmer Mill & Logging Supply Co., dba Harmer   Company,
                         its general partner
                    
                         By:      /s/   Robert M. MacTarnahan
                                 -----------------------------
                         Name:   Robert M. MacTarnahan
                         Title:     President
                    
                    
                    HARMER MILL & LOGGING SUPPLY CO.,
                    an Oregon corporation
                    
                    By:    /s/   Robert M. MacTarnahan
                          -----------------------------
                    Title:  President
                    
                    
                    PORTLAND BREWING COMPANY,
                    an Oregon corporation
                    
                    By:    /s/ Charles A. Adams
                          -----------------------------
                    Name:  Charles A. Adams
                    Title:    President

<PAGE>

                                   SCHEDULE 1.4
                          LIST OF CERTAIN SHAREHOLDERS

<TABLE>
<CAPTION>
            NAME                                    NUMBER OF SHARES OWNED
            ----                                    ----------------------
<S>                                   <C>
Electra Partners, Inc.                180,300 shares plus an option to purchase 43,848.75
                                      shares

Charles A. Adams Family Trust         666,192 shares

Charles A. Adams                      Option to purchase 36,000 shares

Charles Francis Adams III             525 shares

Katherine Maxwell Adams               525 shares

R. M. MacTarnahan                     22,860 shares plus an option to purchase 6,000
                                      shares

Jean MacTarnahan                      600 shares

R. S. MacTarnahan                     Option to purchase 6,000 shares

MacTarnahan Limited Partnership       Warrant to purchase 43,848.75 shares

Black Lake Investments                73,335 shares

Harmer Mill & Logging Co.             765,162 shares

Harco Products, Inc.                  30,000 shares
</TABLE>