Light saturated rate of net assimilation (A
sat), stomatal conductance (g
s), intercellular CO2 concentration (C
i) and intrinsic water-use efficiency (WUEint) at instantaneous level in leaf 3 and leaf 4 of an old (released in 1961) and a modern (released in 1997) winter wheat cultivar exposed to elevated CO2 and/or O3 for 21 d in OTCs. The leaf chamber CO2 concentration was maintained at 400 ppm during gas exchange measurements: control (CO2, 385±4 ppm+CFA, 4±0.02 ppb O3); elevated CO2 (CO2, 714±16 ppm+CFA, 4±0.02 ppb O3); O3 (ambient CO2, 385±4 ppm+elevated O3, 72±5 ppb O3 for 7h d–1, 9.00–16.00h); and elevated CO2+O3 (elevated CO2, 714±16 ppm+elevated O3, 72±5 ppb for 7h d–1). Overall, elevated CO2 significantly increased A
sat (P <0.01) and g
s (P <0.1) in both matured and young leaves, but decreased WUEint in the young leaf. Exposure to O3 significantly decreased A
sat (P <0.001), but increased C
i (P <0.1) in the matured leaf. Elevated O3 did not alter A
sat but decreased g
s (P <0.05) and increased WUEint (P <0.001) in the young leaf. Results are shown as means±1 standard error (n=8). Means with the same letter were not significantly different.