We report a photon-photon experiment performed at the Orsay storage rings. 300e + e − , μ + μ − and π + π − pairs produced with low invariant masses have been observed. For each event, one or both protons have been tagged at a very small angle. The γγ→μ + μ − and γγ→π + π − cross-sections have been measured near threshold, the γγ→e + e − process being used as a normalization. The observed invariant mass distribution is compared to theoretical calculations for each of the three processes. The μ + μ − data are in good agreement with QED predictions. The π + π − cross-section, in our experimental acceptance, is somewhat larger than the one expected from the Born terms only.