Photon Structure Function at Small x

The parton distributions of real photons at small x are presented by taking account of the following two points. One is that the Pomeron-cut exchange rather than the Pomeron exchange is taken into the hadron-like parts of the gluon and the sea quark distributions. The other is that the O(αS(Q 2 )) termis introduced into the point-like parts of the parton distributions. Using these distributions we can show that predictions for the photon structure function F γ 2 (x, Q 2 ) are consistent with new data at small x.