Appearing in 1st story
Synopsis for 1st story
While Rachel sleeps, Frank writes in his war journel about her emotions governing her focus. Afterwards, he pulls a set of ball bearings out of the stolen adamantium casing of Doctor Octupus' tentacle. Then, he removes the bands from his watch and takes Rachel's wedding ring when she wakes up.
At Exchange headquarters, Stephanie Gerard and Christian Poulsen are looking at an email offering the tentacle from an unknown seller. Poulsen knows immediately that it's the Punisher setting a trap, but Gerard knows this as well and wants to use this as an opportunity to end things once and for all. Poulsen isn't sure this is the best approach and the injuries he received from Black Spectre means he can't help her. Gerard assures him that she'll be fine and kisses him and tells him to watch from his office.
As the Punisher and Rachel prepare, Frank hands her his watch with her wedding ring tied to a sting attached to the watch, both of which she puts on.
Rachel enters Exchange headquarters and is immediately scanned for weapons, showing that she is unarmed, aside from the adamantium casing inside a suitcase. Rachel is then escorted to Gerard's office, with the Punisher watching from another building. However, Gerard is unafraid and tells Rachel that she is aware that the Punisher is on a scaffold on the next building and that a sniper team will take him out if he shows his head. Her office windows are also bullet and blast proof, resistant to pretty much everything. If that wasn't enough, her office is bound in a combustion nullification field that makes bullets and explosives useless.
Outside, Gerard's snipers discover that the person they thought was on the scaffold is actually a set of clothes, but before they can do anything, they are shot in the head from behind. Inside, Gerard makes Rachel open the suitcase, believing that something will go off. As she does this, Frank puts an adamantium-tipped round in his sniper rifle and fires at the office, shattering the window.
Immediately after, Rachel puts on a gas mask and tosses a smoke grenande. Frank puts on his own mask, jumps off the building, and in mid-air, uses one of Spider-Man's web-shooters to swing into the office. In the chaos, as the Punisher kills the guards, Rachel chokes Gerard to death from behind using the garrote made from the watch and wedding ring. Frank and Rachel regroup shortly after over Gerard's dead body.
• Cole surrenders…to becoming a Punisher.