Yes it does. The initial SBS 4.5 installs with SP3 but during the installation upgrades to SP4. The I386 directory on the CD s is SP3 not SP4. Therefore you add any NT components to SBS after the initial installation then you should reapply SP4. If you add or remove SBS components via the Add/Remove Applet in control panel then SP4 is automatically reapplied.
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