No, it's a flat Chaos Black basecoat, then drybrushed up with Shadow Grey, followed by another dry brushing of Space Wolves Grey.
I know normally Ulthwe is highlighted with Codex Grey but I try to give a distinct look to my armies. I aim to have not only a coherent pallette for the armies individually, but also across all of them, so for example Chaos Black highlights up all the way to Shadow Grey whether you're Space Wolves (naturally), Eldar Ulthwe, Chaos Black Legion or Imperial Guard. Bases are always an unfussy Snakebite Leather highlighted with Bleached Bone, etc.
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