This ending will lead you back to the point when you had to decide if you wanted to reveal the information about Kirigiri or not. There is by the way another kid, looking like Togami). We then see a picture of the four remaining students, who are way older: Makoto Naegi, Byakuya Togami (holding a frame with a photo of Toko Fukawa, probably dead for some reasons), Yasuhiro Hagakure and Aoi Asahina (holding two babies, one looking like Naegi and the other looking like Yasuhiro. It is then said that this trial has been the ultimate one, as no one else was murdered in the Academy after that point.

If you decide to reveal the information about Kirigiri, you will go for the bad ending: Kirigiri is killed by Monokuna. In chapter 5, there is a part when you have a choice to make: either reveal some information about Kyoko Kirigiri which will lead the students to vote against her, or hide it, which will lead the students to vote against you. If you really want to know when this division happens, check the following part:

The bad one will ultimately lead you to the point where you can choose between the good and the bad ending. If we are talking about the main plot (that means, not including the School Mode that you get after beating the game), there are two endings for the first Danganronpa episode: a good one and a bad one.

End of chapter danganronpa 1 gif