Story: "The Phantom of the Fair Act Three" (22 Pages)

Credits: Matt Wagner and Stephen T. Seagle (plot, script); Guy Davis (pencils, inks); David Hornung (colors); John Costanza (letters); Karen Berger (edits)

Feature Character: Sandman I

Supporting Characters: Dian Belmont, Lawrence Belmont (next in issue #45), Tony Burke, Robert Li

Villain: Phantom of the Fair

Guest Appearances: Jim Corrigan (behind the scenes; next in ???), Crimson Avenger (last in ???; next in ???)

Other Characters: Grover Whalen, Ling, Mike (first appearance; a night watchman at the World Fair), Irving Spelling (deceased), Orlando (first appearance)