Exclusive photoproduction cross sections have been measured for the process γp → pπ 0 [e + e − (γ )] with the Dalitz decay final state using tagged photon energies in the range of E γ = 1.275-5.425 GeV. The complete angular distribution of the final state π 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 dσ/dt, at mid to large angles, decreases with energy as s −6.89±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 π 0 photoproduction are more consistent with experimental data.