Vol 1:
This novel focuses on Tatsuya, Maya and Ulala, Katsuya as well as Nanjo and their thoughts/actions prior to the events of Eternal Punishment. It helps link both the story of Innocent Sin and Eternal Punishment together. Other characters are touched upon briefly, such as Anna Yoshizaka, Tatsuya Sudou and even Eikichi Mishina.

Vol 2:
The story follows from the first volume. Except this time, instead of being specifically character-focused, it follows a bigger narrative, involving many other characters to expand on the worldbuilding of the world of Persona 2.
The focus still revolves around the same of the first volume (Tatsuya, Katsuya, Maya and Ulala, Nanjo) but this volume mentions Lisa Silverman, Jun Kashihara, Eriko Kirishima, Noriko Katayama and Chizuru Ishigami.