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Just a little information for those that don't know what "Amusement Makers" is (which included me until right now) and want to save a Google search, it's an unofficial student group in Tokyo Denki University (which is where ZUN went to). Members of the group would use the "Amusement Makers" name for their own works, hence why it shows up here.

I found the uncropped version of the photo and it appears that this is from a pamphlet for the 1998 Hayotama Festival, which is the annual fair held in the Hayotama campus at Tokyo Denki University.

Updated by Endoiruye

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RhythmicApogee said in comment #2624713:

Wait, pretty sure this is also Gilgamesh cosplaying him, but the pixiv tags don't mention him. Their gallery has Fate present in it, so I'm unsure what to do with that info.

It's definitely Gilgamesh, I'm pretty sure the one comment on the pixiv page is even quoting him