From the August Cumulative Update onwards you will have to install sp1. For mor details on this please check Brians Blog: http://blogs.msdn.com/b/brismith/archive/2012/07/18/project-server-2010-from-august-2012-cumulative-update-onwards-you-will-also-need-to-load-sp1.aspx

Full updates (all languages):

Individual updates (all languages):

Individual updates (localized version):

  • Description of the Project Server 2010 hotfix package (Pjsrvwfe-x-none.msp, Pjsrvmui-xx-xx.msp): September 14, 2012: http://support.microsoft.com/kb/2687385

         This update contains KB2687390 and 2 hotfixes related to Regional Settings issues in formulas and AD Sync.

IMPORTANT: You must install the Service Pack 1 before any CU installation for Office, SharePoint and Project Server 2010