We have measured the cross-section of the reaction e + e − → γγ at center of mass energies around the Z 0 mass. The results are in good agreement with QED predictions. For the QED cutoff parameters the limit of Λ + > 103 GeV and Λ − 118 GeV are found. For the decays Z 0 → γ ,Z 0 → π 0 γ , Z 0 → γγγ we find upper limits of 2.9 × 10 −4 ,2.9×10 −4 ,4.1×10 −4 and 1.2×10 −4 , respectively. All limits are at 95% CL.