If this instance was created under an earlier ERS version, then yes this instance may be vulnerable. If the instance was created after upgrading to ERS 4.0.3 SP2 then it is not vulnerable.
To determine whether an instance is vulnerable, run the following command from the root ERS product directory. This is the directory containing the ers-server.pl and fixrootpath.pl scripts and the servers directory. It is possible that the server instances could have been created in a different location. If that is the case, that non-default location should be searched:
$ grep LD_LIBRARY_PATH= servers/*/bin/apache_startup.sh
A vulnerable server will have entries with no test for an empty LD_LIBRARY_PATH, which appear similar to:
servers/test-apache2.2-64/bin/apache_startup.sh: LD_LIBRARY_PATH="$apache_root/lib:$LD_LIBRARY_PATH" servers/test-apache2.2/bin/apache_startup.sh: LD_LIBRARY_PATH="$apache_root/lib:$LD_LIBRARY_PATH"
A patched server with instances created using ERS-4.0.3-SP2 will have entries which are already protected against CVE-2012-0883:
servers/test-apache2.2-64/bin/apache_startup.sh: LD_LIBRARY_PATH="$apache_root/lib${LD_LIBRARY_PATH:+:}$LD_LIBRARY_PATH" servers/test-apache2.2/bin/apache_startup.sh: LD_LIBRARY_PATH="$apache_root/lib${LD_LIBRARY_PATH:+:}$LD_LIBRARY_PATH"
Look for the server instances which don't carry the ${LD_LIBRARY_PATH:+:}.
The procedure to update vulnerable apache_startup.sh scripts is as follows:
http://cve.mitre.org/cgi-bin/cvename.cgi?name=CVE-2012-0883
http://cve.mitre.org/cgi-bin/cvename.cgi?name=CVE-2012-0883