Beyond "naive" factorization in exclusive radiative B-meson decays

We apply the QCD factorization approach to exclusive, radiative B meson decays in the region of small invariant photon mass. We calculate factorizable and non-factorizable corrections to leading order in the heavy quark mass expansion and next-to-leading order in the strong coupling constant. Phenomenological consequences for the B -> K* gamma decay rate and the B -> K* ell+ ell- forward-backward asymmetry are discussed.