Quick recap: This takes place in a near future where New York has essentially become an authoritarian government run by Mayor Waters. Waters backs a "laser-powered protective barrier", the Webb, which will supposedly protect the city from any "super-terrorist attack". He has also suspended the normal electoral processes, remaining in office without an election and justifying this as a security issue. Super-powered crime is now a thing of the past, and the city is "protected" by a police force known as the Reign.
Peter Parker is now a broken-down old man, living by himself and being haunted by the ghost of his dead wife. One night, a much older J. Jonah Jameson knocks on his door with a package--Spider-Man's black mask. Peter shuts the door in Jonah's face, so Jonah goads the Reign agents into attacking him, causing Peter to come out of retirement.
As with issue #1, the issue is 40 pages.
Saks describes these men as the "Sinner Six". Waters points out that by unleashing them onto the public, the Webb will essentially trap them with the Six. Saks tells him that microthermal explosives are being implanted into the Six's bodies that will detonate if they attempt to stray from the flock. If they serve their penance, they will be released outside the city after the Webb has been activated, preventing them from returning.
There's a couple of pages of Peter talking to "Mary-Jane" and trying to get packed and leave. He knows now they'll be looking for him, and he shaves off his beard to prevent them from recognizing him.
The unnamed girl is reading one of Jonah's Bugle papers but it is quickly taken away from her by Reign agents, calling it illegal contraband. A young boy named Kasey spots her from an alley, and tells her to follow him.
This causes every television screen and other forms of electronic media to be replaced by Jonah's messages, telling everyone that Spider-Man has returned. This causes quite an uproar in the streets, and the Reign officers try to calm everyone down.
The Hypno Hustler, now an old man with an afro and disco outfit, makes a rather bizarre appearance. Wanting to help Spider-Man out, he plays his boom box to make everyone dance but the batteries die out and he gets shot. Peter and "Mary-Jane" witness this through the window. Peter doesn't know how, but he's back in his costume.