  The process $e^+e^- \to \pi^0\gamma$ has been studied in the experiment with
the SND detector at the VEPP-2M $e^+e^-$ collider. The $e^+e^- \to \pi^0\gamma$
cross section has been measured in the center-of-mass energy range from 0.60 to
1.38 GeV. The cross section is well described by the vector meson dominance
model. From the fit to the cross section data we have determined the branching
fractions $B(\rho\to\pi^0\gamma)=(4.20\pm0.52)\times10^{-4}$,
$B(\omega\to\pi^0\gamma)=(8.88\pm0.18)\%$,
$B(\phi\to\pi^0\gamma)=(1.367\pm0.072)\times10^{-3}$, and the relative phase
between the $\rho$ and $\omega$ amplitudes
$\varphi_{\rho}=(-12.7\pm4.5)^\circ$. Our data on the process $e^+e^- \to
\pi^0\gamma$ are the most accurate to date.
