An enhanced update to Street Fighter EX2, EX2 adds characters from the original Street Fighter EX (Pullum, Darun, and M. Bison), and three new characters: Muay-Thai master Sagat (from previous Street Fighter games), young French technologically-enhanced martial artist Area, and mysterious Italian martial artist Vulcano Rosso. This update also enhances the Excel system (by allowing players to connect moves to the same move) and adds a new gameplay mechanic: the Meteor Combo (which is a powerful Super Combo that requires a full gauge).
Along with all 18 characters from Street Fighter EX2 (minus Hayate), the game adds six playable characters (three of which are from the first EX and one of which is from previous Street Fighter games) and one unplayable opponent (used for a mini-game and the new playable credits fight).
To make up for the exclusion of Hayate, the game unlocks Nanase from the start. The PS1 version adds Hayate back in as a secret character.
- Cycloid (unplayable training dummy in the credits and the Excel Break mini-game)
- Pullum Purna
- Darun Mister
- M. Bison (final boss, known as Vega in the Japanese version, has an upgraded form as the unplayable secret boss)
- Sagat (boss)
- Vulcano Rosso
- Doctrine Dark
- Cracker Jack
- Vega (known as Balrog in the Japanese version, has a special code that allows him to fight unmasked)
- Hayate (not available in the Arcade version, must be unlocked in the PS1 version)
- Kairi (hidden opponent, must be unlocked)
- Shadowgeist (hidden opponent, must be unlocked)
- Garuda (boss, must be unlocked)