The exceptional superalgebra D(2, 1; α) has been classified as a candidate conformal supersymmetry algebra in two dimensions. We propose an alternative interpretation of it as an extended BFV-BRST quantization superalgebra in 2D (D(2, 1; 1) ≃ osp(2, 2|2)). A superfield realization is presented wherein the standard extended phase space coordinates can be identified. The physical states are studied via the cohomology of the BRST operator. Finally we reverse engineer a classical action corresponding to the algebraic model we have constructed, and identify the Lagrangian equations of motion.