Radiative Corrections to Radiative B Decays: Exclusive B -> V gamma at NLO

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We discuss a model-independent framework for the analysis of the radiative B-meson decays B -> K* gamma and B -> rho gamma based on the heavy-quark limit of QCD. We present a factorization formula for the treatment of B -> V gamma matrix elements involving charm (or up-quark) loops, which contribute at leading power in LambdaQCD/mB to the decay amplitude. Annihilation topologies are power suppressed, but still calculable in some cases. The framework of QCD factorization is necessary to compute exclusive b -> s(d) gamma decays systematically beyond the leading logarithmic approximation. Results to next-to-leading order in QCD and to leading order in the heavy-quark limit are given and phenomenological implications are discussed.