Abstract
We discuss the exclusive radiative B-meson decays B -> K* gamma and B -> rho gamma in a model-independent manner. The analysis is based on the heavy-quark limit of QCD. This allows a factorization of perturbatively calculable contributions to the B -> V gamma matrix elements from non-perturbative form factors and universal light-cone distribution amplitudes. These results allow us to compute exclusive b -> s(d) gamma decays systematically beyond the leading logarithmic approximation. We present results for these decays complete to next-to-leading order in QCD and to leading order in the heavy-quark limit. Phenomenological implications for various observables of interest are discussed, including direct CP violation and isospin breaking effects.
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