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- "One batch, two batch. Penny and dime."
- ―Frank Castle
At a wake for the slain members of the Kitchen Irish, Finn Cooley arrives, claiming to have caught the first plane when he heard about the massacre. Seamus greets him and asks Rory to get him a drink. When Seamus offers his condolences on the loss of his son, Cooley suddenly stabs him in the eye to death. He announces to the remaining Irish that he wants to recover the $1.2 million that the mystery shooter stole from him, before angrily turning over one of the caskets.
Rory takes a group of men and they scour the city looking for information about the shooter, going to a bar and a pet shop. Eventually they get a lead that brings them to a rundown room in which the shooter has been living. Rory recognizes the dog that is there as one of the Irish's. They are unable to find any money, but when Cooley sees a map of the city with tickets for the Central Park Caroussel pinned to it, he realizes who the shooter is. As they leave, they are unaware that Frank Castle is watching them.
At Matt Murdock's apartment, Karen Page arrives and helps him tie his tie. She mentions that she used to tie her brother's ties all the time. She asks if he's recovering and he says he is. When she asks what he's recovering from, he admits that he doesn't have a name for it. Together, they leave for Elliot Grote's funeral, which is presided over by Father Lantom. The only three mourners are Page, Murdock, and Foggy Nelson.
Nelson and Page return to the office while Murdock spends a moment alone with his priest. He tells Lantom that he tried to stop Grote's death but was unable to, and that he feels guilty. Lantom tells him that guilt is the soul's call to action, a sign that his work is not yet finished.
Murdock rejoins Nelson and Page at the Nelson and Murdock offices, where Page shows them the files which Assistant District Attorney Blake Tower handed her. In the midst of the files on The Punisher's victims, she had found an X-ray of a skull with a bullet hole in it.
When the phone rings, Nelson goes into his office to answer it, and Page asks Murdock if he thinks she's insane for wanting to research more about the Punisher. He replies that he thinks she's compassionate. When she says she's no saint, he tells her he's very glad to hear it.
Nelson calls Murdock into his office to discuss the case of Mr. DiPesta, who defaced an elevator in his apartment building to protest the living conditions there. When he calls for Page, he realizes that she's left the office, and Murdock notices that she took the Punisher files with her. Murdock leaves to find her, but Nelson tells him to find the Punisher first.
Realizing that Nelson is right, Murdock visits Melvin Potter to collect the new fortified, carbon tube helmet he's built for him. Potter has also made him reinforced alloy gloves. Potter mentions that his old criminal contacts have asked him to make them protective gear, but he turned them down.
Page finds George Bach at his place of employment as a janitor. He seems frightened by her, but she assures him that she wants to ask him a few questions and maybe even help him get his old job back, as a nurse at Metro-General Hospital.
Outside, she buys him a coffee and asks him about his time as a nurse, when he was assigned to tend to The Punisher. He tells her that he was labeled as a John Doe, and no one came to visit him except people in black suits. Page, who is wearing a black suit because of Grotto's funeral, understands why her appearance frightened Bach. He tells her that there was a Do Not Resuscitate order placed on the John Doe, and that he was present when his life support was shut off. Bach then tells her that The Punisher died for about a minute, and then his heartbeat started back up. Once he regained consciousness, he asked Bach to take him home, which Bach did, leading to his termination at the hospital. Page asks Bach for the address.
At night, in Central Park, Frank Castle sits on a bench in front of the carousel. Rory arrives with some of his men, and asks Castle to come with them. Rory is able to stab Castle with a hypodermic needled. Castle subdues Rory, who yells at his men not to shoot, as Castle is wanted alive. Castle manages to shoot several of the men. Cooley shows himself, and Castle, weakened by the tranquilizer, is tazed, rendered unconscious and taken away.
Sergeant Brett Mahoney and other police officers arrive and begin to process the scene. Mahoney hears a noise and finds Daredevil. When Daredevil asks him about what happened at the carousel, Mahoney refuses to tell him, arguing that Daredevil is making the police's jobs harder by making people respect them less. Mahoney is called away to respond to another call, with Daredevil having vanishes while he wasn't looking.
Daredevil finds Rory, barely alive, and asks him to tell him where the Irish have taken the Punisher.
Cooley has restrained Castle and begins beating and torturing him with a drill to get him to reveal where his money is. Nearby, Daredevil attacks the men guarding the location and incapacitates them. Inside, Cooley has his men bring in Castle's dog, and threatens to torture the dog if Castle doesn't reveal where his money is. Castle finally tells him that it's in a van and gives the location.
Cooley sends men to the van, but when they recover the briefcase with the money inside, it is shown to have been rigged to explode. Cooley hears all this over the phone and is unprepared when Castle frees himself and kills the other men in the room. He asks Cooley who killed his family, and when Cooley laughs and asks "who cares", Castle shoots him in the face.
Castle fights his way through the building, but finds himself outnumbered. He protects himself by ducking behind a piece of wood, and prepares to keep shooting, chanting "One batch, two batch, penny and dime" beforehand. At this moment Daredevil bursts in, and together the two incapacitate the Irish, Murdock stopping Castle from killing them.
Murdock takes the badly injured Castle to a cemetery and leans him against a gravestone, telling him that help is on the way. Castle thanks Murdock and apologizes for thinking he was weak. Murdock asks Castle about the chant he said before pulling the trigger. Castle is surprised that Daredevil had heard it. He describes coming home from the war and meeting his children at their school, and being too tired that evening to read his daughter her favorite book, but promising her that he would read it the following night. However, the following day, he took his wife and children to the carrousel at Central Park, and they were caught in the crossfire of a gang shootout. Castle was shoot in the head but survived. His family were all killed. Murdock is deeply moved by the story, and Castle tells Daredevil that he's done.
Mahoney arrives and starts to arrest both Castle and Daredevil, when Daredevil tells Mahoney to claim responsibility for bringing Castle in. He explains that the people of Hell's Kitchen needed to know that the police were looking out for them. Mahoney lets Daredevil go, saying that although he didn't understand Daredevil, he knew he wasn't the same as the Punisher.
At Josie's Bar, Page, Nelson and Murdock listen to the newscast about Castle's arrest. They toast to a safe Hell's Kitchen. When Nelson buys rounds for the table, Murdock asks Page about her brother. Nelson smiles knowingly at them.
Outside, in the pouring rain, Nelson and Murdock wait for Page, who is settling their bill. Nelson jokes with Murdock that he seems happy, which is dangerous for a Catholic. When Page emerges, Nelson goes home, and Page walks Murdock to his apartment building. Outside his place, they kiss, and he asks her if he can take her to dinner the following night. She agrees immediately, and leaves in a taxi while he goes into his apartment.
Murdock is shocked when he enters his apartment and realizes that Elektra Natchios is waiting there for him.
- Charlie Cox as Matt Murdock/Daredevil
- Deborah Ann Woll as Karen Page
- Elden Henson as Foggy Nelson
- Jon Bernthal as Frank Castle/Punisher
- Elodie Yung as Elektra
- Peter McRobbie as Father Lantom
- Matt Gerald as Melvin Potter
- Royce Johnson as Brett Mahoney
- Ryan Woodle as George Bach
- Susan Varon as Josie
- Tony Curran as Finn Cooley
- Joshua Bitton as Rory
- Mark David Watson as Rafe
- John Joseph Gallagher as Seamus
- Katt Masterson as Detective Sgt. Thompson
- Gordon Silva as Bartender
- Pat Kiernan as himself
- Rod Knoll as Owner
- Paul Drechsler-Martell as Kelly Cooley (uncredited)
- Andrew Fitzsimons as Irish Mobster (uncredited)
- Tim Buchanan as Irish Thug (uncredited)
- James Newman as Irish Thug (uncredited)
- Jeremy Frutkin as Frank's War Buddy (uncredited)
- Bull as Max (uncredited)
- New York City, New York
- Nelson and Murdock
- Kitchen Irish
- New York City Police Department
- Dogs of Hell (mentioned)
- Mexican Cartel (mentioned)
- United States Marine Corps (mentioned)
- Kevin Page
- Samantha Reyes
- Blake Tower
- Betsy Beatty
- Wilson Fisk
- Maria Castle
- Lisa Castle
- Frank Castle, Jr.