  The branching ratio of the rare decay pi^0 -> e^+e^- has been measured in
E799-II, a rare kaon decay experiment using the KTeV detector at Fermilab. The
pi^0's were produced in fully-reconstructed K_L -> 3 pi^0 decays in flight. We
observed 275 candidate pi^0 -> e^+e^- events, with an expected background of
21.4 +- 6.2 events which includes the contribution from Dalitz decays. We
measured BR(pi^0 -> e^+e^-, x>0.95) = (6.09 +- 0.40 +- 0.24) times 10^{-8},
where the first error is statistical and the second systematic. This result is
the first significant observation of the excess rate for this decay above the
unitarity lower bound.

High Energy Physics - Experiment