We discuss the pion polarizabilities alpha(pi), beta(pi) using a vecto
r dominance model. We show that the vector-meson contribution accounts
for almost 80% of the pi0 forward angle dispersion sum rule. By inclu
ding the spin 2 resonance contribution and the recently reported calcu
lation of the loop diagrams of order O(p6), we find a very good agreem
ent with the values of the sum rule obtained from the optical theorem,
for both the pi+/- and pi0.