Panel 1: and Nite Owl’s comment – “…vanished without a trace…” – in reference to the emptiness of Adrian Veidt’s penthouse office.
Panel 5: The paper that Nite Owl is putting back down on Veidt’s desk is something we will see in the back-matter. It is a proposal for a toy line to capitalize on Veidt’s superheroics as Ozymandias.
Panel 7: Rorschach’s comment that he and Nite Owl need an “indication [of] where to start” in order to find who owns Pyramid Deliveries is placed right beside a small pyramid on Veidt’s desk – a pyramid that Nite Owl is eyeing, which is the clue Rorschach was lamenting about that directs them to the mastermind behind Pyramid Deliveries and this mask-killer conspiracy – Adrian Veidt, Ozymandias.
A note on the coloring of this scene (pages 19-22): Though this scene involves Rorschach and Nite Owl, it actually is all about Adrian Veidt, as these two adventurers finally discover who is behind the mask-killer conspiracy. With that in mind, John Higgins bathes the entire scene in hues of purple, Veidt’s color, befitting his “royal” status.