  We study O(alpha^2 beta_0) perturbative corrections to matrix elements
entering two-body exclusive decays of the form B -> pi pi, pi K in the QCD
factorization formalism, including chirally enhanced power corrections, and
discuss the effect of these corrections on direct CP asymmetries, which receive
their first contribution at O(alpha). We find that the O(alpha^2 beta_0)
corrections are often as large as the O(alpha) corrections. We find large
uncertainties due to renormalization scale dependence as well as poor knowledge
of the non-perturbative parameters. We assess the effect of the perturbative
corrections on the direct CP violation parameters of B -> pi^+ pi^-.
