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The story opens with Leonardo alone on the rooftops of New York City. We quickly find out that he's being pursued by numerous Foot Soldiers. Leo battles countless foes as he tries to make it to safety. The portion of Leo's tale has no word balloons and practically no sound effects.
As Leonardo battles his enemies, we see April, Mike, Don, Raph and Splinter making preparations for Christmas. Despite Michaelangelo worrying about where Leo is, it's a warm and happy time. April and Raphael bring home a tree as Mike and Master Splinter prepare a hearty meal. Raph heads off to wrap gifts while Don and April trim the Christmas tree and sing carols. Raph tries to peak at the presents Mikey has bought, but Klunk (the stray cat Mike adopted in Michaelangelo #1) prevents him from doing so. As everyone enjoys the quiet time, Raph finally decides that it's time to go look for Leo, as the weather outside has gotten frightful and Leo has been gone for too long.
Simultaneously, things for Leonardo have gone from bad to worse. He's been chased onto a construction site, where he's confronted by a swarm of Foot Soldiers, no less than two dozen by the looks of things. To make matters worse, the Shredder is with them! Leo puts up a fight, but he is vastly outnumbered...
The remaining Turtles have put on their gear and are preparing to head out in search of Leonardo when suddenly a figure crashes through one of the apartment windows! It's Leo, battered and bloodied. As his brothers rush to his side, Leo chokes out a warning, "...He's...back...the...Shredder!"