The exchange of CO2 and O2 was measured in leaves using specially constructed equipment capable of responding to rapid transients. Optical measurements provided information on cytochrome f and P 700 oxidation in the light. The following results were obtained: i) The solubilization of CO2 was used to calculate the pH of the chloroplast stroma in darkened leaves. Values ranged from pH 7.8 to pH 8.0 in different C3 plants. ii) Illumination of predarkened leaves of Helianthus annuus L. resulted in three distinct phases of O2 evolution that illustrate the complexity of light activation of the photosynthetic apparatus. A first burst of O2 is attributed to the reduction of electron carriers of the electron-transport chain. While plastoquinone was reduced, cytochrome f was oxidized. Appreciable oxidation of P 700 became possible only during the second O2 burst, which indicates the reduction of the phosphoglycerate pool. Extensive oxidation required the opening of an electron gate on the reducing side of photosystem I. The subsequent slow rise in O2 evolution towards a steady state reflects activation of the Calvin cycle and is the result of CO2 assimilation. iii) Light-dependent CO2 uptake by predarkened leaves occurred in four phases, three of them based on pH changes in the chloroplast stroma. Initial CO2 uptake was small and probably caused by protonation of reduced plastoquinone. In the second phase, which coincided with the reduction of the pool of phosphoglycerate, the initial alkalization of the chloroplast stroma was substantially increased. In the third phase, the stroma alkalization decreased, and the fourth phase was dominated by CO2 assimilation. iv) Respiratory CO2 production was partially suppressed in the light during the second phase of O2 evolution while phosphoglycerate was being reduced.