Panel 1: This is a transition from the final panel, previous page. The dialogue from the minister: “Man that is born of woman hath but a short time to live, and is full of miseries (emphasis mine),” when read over Veidt’s image, which seems to be of contemplative melancholy, can be seen as a comment on the moral struggle that might be going through his head as his plan is beginning to move forward.
Panel 3: The line, “. . . who for our sins art justly displeased.” is a reaction to the grave sin that Veidt has perpetrated upon Blake, as well as what will come from his ultimate plan.
Panel 4: This is a cinematic transition from the present to the past with Veidt’s look not changing as we see him as Ozymandias in 1966.
Panel 5: Another large panel, used as an establishing shot for readers’ introduction to the Crimebusters – (clockwise from left) Janey Slater, Dr. Manhattan, Captain Metropolis (a former Minuteman), Ozymandias, the Comedian, Rorschach, Nite Owl II, and Silk Spectre II – an adventurer’s group that came between the Minutemen and the Watchmen, but never really got off the ground.
Also of note, and which will be explained later (as so much in Watchmen is), is the fact that Dr. Manhattan and Silk Spectre (Laurie Juspeczyk) are sharing a flirtatious glance.