Atlus may have just accidentally leaked the identity of a third DLC character for Persona 4 Arena Ultimax . Arc System Works and Atlus have been holding a series of events in Japan to allow people to get hands-on time with the game, and those that do get a plastic folder with the game’s cover art on one side.
There’s only one catch though. If you look very very very closely, Margaret, from Persona 4 can be found in one of the lower corners. Other DLC characters such as Adachi can also be seen. So either this means that Margaret might be a DLC character, or she is just put on the art for no good reason. We will have to wait and see.
Source: NeoGAF