After getting shot at the end of the last chapter, the game flashbacks 20 years behind to Cartagena, Colombia.
Drake is young here, and he is in front of a museum which has a Sir Francis Drake exhibit. You enter the museum.
Press SELECT to open Nate's Journal.
Push RIGHT STICK left and right to turn pages
Explore the museum. There's the Bust of the Museum's Founder near one wall. There's a collection of Ceremonial Swords near another. Yet another exhibit has a Galleon and a Longboat. But these are not what you are looking for. Head upstairs, pass through the Bell and Compass exhibit. You are looking for Sir Francis Drake's ring. It's got to be in one of these cases. The guard announces that the museum is closing in 15 minutes. Inspect the exhibit of the Early Atmospheric Diving Suit. The ring is not there either. Suddenly you see the ring inside one of the display cases. You want to open the case, but it is locked.
But then you notice a younger Sully (who you dont know at this stage) planning to picklock the case. Suddenly the guard becomes suspicious of you, and throws you out.
Follow Young Sully. You have got to keep up with him. Dont run or it will look suspicious. When Sully looks back, take cover by pressing CIRCLE when next to an object. Use the police car as a cover. To transition across a gap while staying in cover, press LEFT STICK and tap CIRCLE quickly. To turn an outside corner while in cover, press LEFT STICK towards the corner and hold CIRCLE. Keep following Sully carefully. Follow Sully through the door into a courtyard. Sully enters through another door, but this one is locked. You have to find another way up. Climb up the pipes and onto the second floor, then onto the balconies. Grab onto a pipe, and then onto the ledges under the terrace. Overhear a conversation inside. Peek into the window to see what is going on. You see Sully had a key made that will open the case with Sir Francis' Ring. He puts the key in his wallet. You have to get that wallet.
Follow Sully again from above. Make sure to grab the treasure near the plant vase on the top balcony (near the sign that says "24 Horas"). Sully will cut through a building. You can spot him from the roof. You see him meet with Katherine Marlowe.
There is another treasure on the sigh which says "HOTEL ARRECIFE". Its on the letter "O" of the sign. Grab it.
Head down back to the street and keep following him on the ground. When Sully stops at a bar and is distracted, now is your chance to get the wallet. Pickpocket the wallet from Sully. Make your escape, but Sully will surprise you around the corner. After a dialog, you give Sully back his wallet. But you keep the key.
It is now night time, and you are planning on entering the museum through an open window.