This is a "Service Pack 1" updates disk that Microsoft released/sent to Windows 98 users sometime in 1999 I believe.
This is for Windows 98 First Edition. Not for SE.

There isn't a ton of information about this that I can find online but it is an official disk.
I do not have the original packaging other than a black cd case that has no text on it 
(unless this was the official packaging).

On the disk, it includes:
Windows 98 System Update 1 (Security fixes and hardware specific updates)
Internet Explorer 4.01 SP2 + Intertnet related updates and security fixes
Windows 98 Year 2000 Update for Outlook Express
Windows 98 Year 2000 Update
Windows 98 Year 2000 Update 2