At the start of this issue, a building is on fire, and whilst the fire brigade are trying to put it out, a tv crew are reporting it. Spider-Man comes along where he finds a man trapped on the outside of the building, who jumps off when he sees Spider-Man coming. Luckily, Spider-Man manages to catch him before he falls, although when he puts the man on the ground, the man tells him to get away from him, then runs off. Some police officers then come up to Spider-Man, and tell him that the D.A. wants to see him. Spider-Man quickly swings off, whilst the police officers stare after him in confusion, saying that he mustn't have heard the news.
After the fires are put out, the man who Spider-Man saved watches from a distance, muttering about how he wasn't supposed to confront Spider-Man until later. The man then shimmers for a moment before being revealed as the Chameleon, the master of disguise.
Meanwhile, Spider-Man changes to Peter Parker, and then goes to visit Aunt May. After talking to Aunt May for a bit, Peter is told by a doctor that they won't be able to keep Aunt May in hospital much longer unless Peter can get more money. The doctor then suggests that Aunt May should be transferred to a nursing home, and Peter agrees.
When Peter returns to his apartment, he's visited by Betty Brant. After spending hours catching up on things, Peter decides he will go see the D.A., as he's only wanted for questioning, and can't techinically be arrested. When Spider-Man meets D.A. Tower, he's told that the two murder charges he was accused of (that of Captain George Stacy and Norman Osborn), have been cleared, and that he's completely innocent. Tower says that he's called a press conference, and after Spider-Man's been questioned for a bit, he escapes, telling the reporters that if they want to interview him, they can meet him in Central Park that night.
That night, Spider-Man goes around answering a lot of reporters questions, when an old lady who talks to him suddenly turns into the Chameleon. Spider-Man attacks the Chameleon, but unfortunately for some reason only Spider-Man sees him as the Chameleon, so the crowd thinks that Spider-Man has attacked an old woman. As Spider-Man chases the Chameleon, their chase leads to Central Park Zoo, where Spider-Man easily defeats the Chameleon.
Spider-Man then goes back to the press conference, and takes off the Chameleon's belt, which controls his holograms. Although everyone is sceptical about the woman Spider-Man attacked being the Chameleon, Flash Thompson comes to Spider-Man's side, and tells everyone that they should give him the credit he deserves. Everyone agrees with him, and end up celebrating Spider-Man.
Meanwhile, a mysterious figure watches this on television, thinking about how the Chameleon failed to discredit Spider-Man. The mysterious figure also thinks about how it's because of Spider-Man that his hopes and future have been destroyed, and thinks about how he'll destroy Spider-Man's life.