Marvel Database
Marvel Database

Appearing in "The Exchange"

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Synopsis for "The Exchange"

In a restaurant in Brooklyn, the Punisher is looking through the cell phone of a man he had just killed when he finds a text about an Exchange meeting at a cabin in North Creek for supervisors and managers regarding how to handle the Punisher's threat to them. At Norah's apartment, Rachel takes a picture of Norah's notes on the Exchange while she's getting coffee.

The day after, the Punisher takes his van out to North Creek with sausage links and a vial of ketamine. Later that night, Rachel drives up to the cabin in North Creek.

Meanwhile, in the snowy woods in North Creek, a man named Reggie reports in to the Exchange that everything is normal. Suddenly, his dogs catch a whiff of something and follow after it. Some time earlier, at the check-in center, Rachel tells a bellhop taking an Exchange member's bags to the cabin via a truck that she is his fiancé and that she wants to surprise him. In the woods, Reggie reports in to the Exchange that his dogs are reacting to a scent. The Exchange tells him that others are coming to assist him. Shortly after, he sees the dogs eating sausage links lying in the snow.

When the truck reaches the Exchange's cabin, Rachel, borrowing the bellhop's vest, brings the man's bags to his room. Back in the woods, Reggie finds an empty vial of female dog urine in the snow, which had brought the dogs there. Reggie then turns around and sees that the dogs have fallen asleep thanks to the ketamine-laced sausage links. In his room, the man notices that one of the bags Rachel brought him isn't his, so she takes this chance to kill him. In the woods, while Reggie waits for backup, the Punisher moves towards him from behind.

Rachel opens up her duffelbag, dresses in all black, and puts a silencer on her gun. Reggie's backup finally arrives, only to find him dead. In the hallway of the cabin, two members of the Exchange discuss how Christian Poulsen has a crush on Stephanie Gerard. Then all of a sudden, the lights go out and the sound of a gun firing four shots is heard. Meanwhile, the Punisher kills Reggie's backup.

During the meeting, the lights go out. In the darkness, Rachel kills everyone in the room. Finally, the Punisher arrives at the cabin and busts in. From a distance, Rachel hears the sound of gunfire. She goes to the source of it and points her gun at the Punisher, who in turn has his gun pointed at her.

Solicit Synopsis

THE BIGGEST SHOT OF ALL IS DOWN! • A fallen Frank Castle...alive but dead inside. • Secrets of the Exchange revealed...and it's connected to some of the Marvel Universe's darkest secrets!


  • Matthew Clark drew the scenes with Rachel Cole while Matthew Southworth drew the scenes with the Punisher.

See Also

Links and References


  1. 1.0 1.1 First and only known appearance to date besides flashbacks
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