The update can be applied before or after Service Pack 2 installation. If the update is applied prior to installing Service Pack 2 it will prevent the expiration date from being improperly activated during installation of Service Pack 2, if it is applied after Service Pack 2 it will remove the expiration date incorrectly set during installation of Service Pack 2...
and the related KB article -
"When you install the 2007 Microsoft office servers Service Pack 2, the product expiration date is activated incorrectly"