  Exclusive photoproduction cross sections have been measured for the process
$\gamma p \rightarrow p\pi^0(e^+e^-(\gamma))$ with the Dalitz decay final state
using tagged photon energies in the range of $E_{\gamma} = 1.275-5.425$ GeV.
The complete angular distribution of the final state $\pi^0$, for the entire
photon energy range up to large values of $t$ and $u$, has been measured for
the first time. The data obtained show that the cross section $d\sigma/dt$, at
mid to large angles, decreases with energy as $s^{-6.89\pm 0.26} $. This is in
agreement with the perturbative QCD quark counting rule prediction of $s^{-7}
$. Paradoxically, the size of angular distribution of measured cross sections
is greatly underestimated by the QCD based Generalized Parton Distribution
mechanism at highest available invariant energy $s=11$ GeV$^2$. At the same
time, the Regge exchange based models for $\pi^0$ photoproduction are more
consistent with experimental data.
