I'm up-voting because I like the mastery, ability sequence and purchase order, but I think the runes/exhaust are poorly chosen. You shouldn't be getting close enough to exhaust without unacceptable risk and if you need magic resist your placement is just plain wrong. I would replace your blue runes with mana for early lane staying power or ability power if your play style calls for last hitting with your ult.

Exhaust has limited utility on Kog in securing an early kill or two, but my experience is that farming should be the focus and that the risk is too great. Ghost is much more useful through the added survivability and quick return to lane. I would also go with mana regen over your attack speed for yellow, it will greatly improve your lane staying power and by the time your entering the teamfighting stage, that extra speed will have been made up by items purchased through the added farm (mp5 scales better).