ACT 1: The issue opens up with Peter reliving the events of earlier that night and trying to figure out the connection between Gwen's letter and the assassination attempt on his person. Mary Jane comes to his aid and realizes that when Gwen wrote the letter, she superimposed the sheets on top of each other and this caused indentations (of the text from the next page) to show up on the back of the page Peter has in his possession. Peter's hope of finding out what Gwen meant to tell him is suddenly increased. Peter and MJ's information gathering session is interrupted when Aunt May calls from downstairs to tell them to come and eat breakfast.

ACT 2: As they make their way into the kitchen, Aunt May hands Peter an envelope that someone left on the door for him. Peter opens up the envelope and finds pictures of Aunt May and Mary Jane with a man and a woman (respectively) with their faces blacked out. A note is also in the envelope that says "We can kill them whenever we want". Peter asks Aunt May if she remembers getting help from someone to carry her groceries home in the past few days to which she replies that a nice young man did help her when she was making her way back from the grocery store. Peter then asks Mary Jane if she remembers a young woman asking her for directions also in the past few days. MJ replies that yes, she did help a young woman to find her way as she was lost. She asks Peter why he is asking all those questions and Peter lies straight to her face; most likely to leave Aunt May out of the loop.

ACT3: Peter, as Spider-Man, pays a visit to Detective Lamont to get help in obtaining some latent handwriting impressions from Gwen's letter. He then leaves and checks on MJ, who is at a read-through for her off-Broadway play. He then calls Aunt May who is has been temporarily moved to Anna Watson's house while Peter investigates the recent events of the past few days. When the phone is answered at the other end, the voice of a man is heard. The man tells Peter/Spider-Man to make his way to a certain address in ten minutes or Aunt May dies. Without hesitation, Spider-Man web-slings towards the location. Back at Anna Watson's house, a telephone technician comes down from a ladder and tells Anna that the phones are now working fine. His identity remains a mystery but something he says to Anna reveals to the reader that he was the one that threaten Peter/Spider-Man over the phone. Meanwhile, Spider-Man has reached the location given to him; it is an abandon factory. He enters the factory by crashing through a window and immediately sees Aunt May tied to a chair in the middle of the factory. As he approaches her, his spider-sense goes ballistic. It isn't Aunt May; it is a mannequin with a bomb strapped to its chest. Spider-Man tries to jump out of harm's way but the bomb detonates and it almost takes him out. As Spidey lies in the rubble, bruised and battered, the male assailant from last issue shows up and begins beating the living crap out of him. Thanks to the intervention of the female assailant, whose name is revealed to be Sarah, the male assailant, whose name is revealed to be Gabriel, stops pummeling Spider-Man. He vows, however, to return and finish what he has started.

ACT 4: Semi-conscious, Peter/Spider-Man struggles to regain his strength. He blacks out and relives the moment where Harry Osborn had his drug overdose and the subsequent death of Gwen Stacy at the hands of Norman Osborn, the Green Goblin. Having slowly regained his strength, Spider-Man web-slings away and pays another visit to Detective Lamont to see if the latter was able to find anything with the letter. Lamont hands the letter over to Spider-Man who begins reading the words sporadically located all over the sheet:

"I'm sorry Peter.

Months ago.

Should have told you after I found out.

Couldn't.

I was pregnant.

Had to get away.

Decide what to.

You were in Canada, and.

The babies came a month early.

I have two children, Peter.

A boy and a girl.

Gabriel and Sarah".

Peter stares in disbelief at the names of Gwen's babies. They have the same name as the two masked assailants Peter encountered earlier in the story. To be continued.