You must enter these codes while in character select, Highlight any character and press(note: default controls)
These codes are to be entered at the character selection screen. When the codes are done properly you will hear a voice to indicate that the code was entered correctly. Now select the character by pressing a button.
After you've selected your character, you're given the option to choose Speed or Power type. EX mode will allow you to get the best of both features. Unlike the original arcade version, you will also be allowed a full health bar instead of half. Once you enter the code, you cannot select Speed or Power type.