Inside cover - ad
P1 - comic
P2 & 3 - double-page ad spread
p12 comic (and it looks like 10 and 12 were originally intended as a double-page spread but have been mangled)
p16 & 17 double page ad spread
p22 & 23 double-page ad spread
p46 & 47 TWO PAGES OF COMIC NEXT TO EACH OTHER WITH NO AD BREAK!!!!!!!
p48 text page advertising other comics
inside and outside back cover - ads.
That's one cover, 21 pages of comic, and TWENTY NINE PAGES OF AD!