How to set .net Framework 4.5 version in IIS 7 application pool

There is no v4.5 shown in the gui, and typically you don't need to manually specify v4.5 since it's an in-place update. However, you can set it explicitly with appcmd like this:

appcmd set apppool /apppool.name: [App Pool Name] /managedRuntimeVersion:v4.5

Appcmd is located in %windir%\System32\inetsrv. This helped me to fix an issue with Web Deploy, where it was throwing an ERROR_APPPOOL_VERSION_MISMATCH error after upgrading from v4.0 to v4.5.

MS article on setting .Net version for App Pool

Go to "Run" and execute this:

%windir%\Microsoft.NET\Framework\v4.0.30319\aspnet_regiis.exe -ir

NOTE: run as administrator.

There is no 4.5 application pool. You can use any 4.5 application in 4.0 app pool. The .NET 4.5 is "just" an in-place-update not a major new version.