The results of a measurement of the proton structure function F_2(x,Q~2)and the virtual photon-proton cross section are reported for momentum transfers squared Q~2 between 0.35 GeV~2 and 3.5 GeV~2 and for Bjorken-x values down to 6 10~{-6} using data collected by the HERA experiment H1 in 1995. The data represent an increase in kinematic reach to lower x and Q~2 values of about a factor of 5 compared to previous H1 measurements. Including measurements from fixed target experiments the rise of F_2 with decreasing x is found to be less steep for the lowest Q~2 values measured. Phenomenological models at low Q~2 are compared with the data.
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