I think there is only one type/brand of that multi-color shift stuff, I had the exact same piece of paper.....
The best I can figure out it does have an expiration (but not labeled as such). I tried to measure rotor temperatures after I opened the bottle a couple of years before when I upgraded my track car brake package, The paint showed crazy high temperatures (like the H color) but the paint on the actual side of the pad (that marked the version of compound) hadn't even burnt off or changed colors. I tried mixing and a few other simple things, but it always showed the ultra high temperatures. No fade, no change in color of the pad surface, or even the paint being burt off was seen on any of the pads. So we tossed the bottle. Not sure what or why... it just was...