This episode starts with the gang running through the forest to see what Alan is doing going through it. They see a bunch of mercenaries with Alan and the wagons. Realizing the food will help feed many poor people all winter, they attack from the rear. They easily get away but Robin thinks it was too easy, that there is something bigger going to happen. As they are putting the food in their secret stash, they are attacked by a group. One of the men recognizes Robin and when Robin gets the best of him, the man, Grant, tells him that he has a message for Robin from the King. The message is an eye looking down on a king. Robin has issues figuring out what it means. But what they are looking for is Latin for treasure of the nation. They are to complete the mission by mid-summer’s day.
When Alan arrives at Locksley Village without the supplies, Gisborne is upset with him. Alan remembers about the food store area and Gisborne believes he is still hiding many things from him. Marion steps in before Gisborne can glean anymore information from Alan and wants to know why the village is being abandoned. She is told the Sheriff has given the order for it and when he will not ignore it she tells him she saw a different side of him previously.
Robin and the gang go to Paxton’s house and he is forced to give a password to reveal that he has a message. Robin gets the message and uses a candle to make the actual message appear. Unfortunately they still can not decipher the message. When the entire gang looks, Robin thinks to put the two messages together. The dots that were revealed with the candle make a circle.
Alan shows Gisborne the store and Marion follows. Gisborne says to take it all. Marion looks appalled and while Robin is trying to figure out the message, she whistles to him. Telling him about what Gisborne has done, he is upset and even more so when he finds out that Alan has betrayed him with the food store. He must refuse her request though, since it is a message from the king. Robin makes Marion promise not to do anything, which she does. However when he leaves she says the Night Watchman might.
Upon his return to the gang they figure out that the dots are stones. One of the men who came leaves to prepare the boat for the treasure. They go to the stones and Robin sees where they line up with a half circle. He shoots an arrow through them all and they go to where it struck. The wind is blowing and they see an entrance to some underground lair. It appears they are at a dead end, but John and Grant get the door open. Beyond is a room with natural light from somewhere and when it is mid-day, it shines on a well. They see the eye and follow it, where a map is to show exactly where they need to go. The man who was going to prepare the boat has betrayed them and led the Sheriff right to them. After they find out where they must go, the Sheriff kills the man and locks the gang in the room.
Meanwhile Marion puts on her Night Watchman outfit and enters Locksley Village to help the people. She enters the building where all the food is and Alan is in there. Knowing it is her, he tries to get her to leave before anyone sees her. Gisborne walks in first and a fight ensure between them. When he gets her down, he is going to use a fire poker on her but Alan steps in and she is unmasked to Gisborne’s horror.
Robin and the gang realize they must escape and John uses his strength to get the door open. Everyone crawls under his legs. Grant helps hold the door while John escapes. When they get out, Robin realizes he looked at the map too quickly and that the Sheriff is going the wrong way. They decide to go across country for speed. The Sheriff is seen looking for the treasure and figures out he is in the wrong place.
Marion tries persuading Alan to help her escape. He tells her he can not because even if he wanted to go back to Robin, he couldn’t. Gisborne walks in with a dagger that the year before he put in the side of the Night Watchman. He wants to see the wound and when she shows it to him, he is devastated. Gisborne tells Alan to prepare the prisoner to go back to the castle and let the Sheriff know they have captured the Night Watchman. Marion tries to stop him and Gisborne tells her she is not allowed to speak to him.
When Robin and the gang get to the church there is doubt it is correct, but Robin has faith. They walk in to a chamber to find the Queen Mother, the Treasure of the Nation. She knows Robin and tells him they are late. She is introduced to everyone and is intrigued by Djaq. Prince John had locked her in a tower but she escaped. They appear trapped when the Sheriff and his men arrive but the Queen tells them all provisions for escape have been made. She meets the Sheriff through a door and they escape through the floor.
Marion looks out of her prison and sees the noose for her. When Gisborne comes to see her, he calls her out on her friendship and how she has betrayed him all this time. She pleads that she did not and does care for him. He will not believe her and leaves.
During a short break for the Queen, she tells him she can not believe he gave up and easy life to be hunted. As they speak, they hear the Sheriff trying to find them and the Queen says she can not run anymore. They decide to have John carry the Queen, who is not upset by the notion.
Marion devises a plan to escape, but she fails. Gisborne tells her when the Sheriff returns she will be put to death. She goads him saying he should finish the job himself. He is upset with her for putting him in the position he is in. Gisborne tells her when she left, he thought he lost her for good and that perhaps it would have been better if he had.
Robin and the gang are ambushed in a valley and the Queen tells the Sheriff she is not afraid of him. Grant charges the men and after several arrows and taking out several men, is killed by the Sheriff. Will, Djaq, and another helper get the men on the ridge, Robin and the rest right them off. John keeps telling the Queen to stay down and when things are fine, she is allowed to rise. She tells the dying Grant he is a good man.
The Sheriff returns and finds out Marion is the Night Watchman. She tells him she is ready to die and then a Night Watchman appears. He gets away by hiding in a well. After the Sheriff’s men pass, he comes out of the well and it is Alan saving Marion from death. The Sheriff is very mad and tells Gisborne that is his last failure. And then it is revealed that Gisborne set up the plan to get Marion released.
Robin tells the Queen how to get to the coast and to find the king. She says they will be heroes to the king. Before she leaves she reminds John of an invitation she gave him and gives him a bunch of money for Robin’s cause.