1931: Nucky is in Cuba attempting to set up networks for shipping into the US when the Volstead Act is lifted. Charlie makes a move on Joe Masseria. Chalky is in chains, and fights for his freedom. There are glimpses of Nucky's past.

Nucky's 1931 deal as a future importer of rum when Prohibition expires seems in jeopardy when the Senator loses interest, and in 1884 a young Nucky has to deal with his sister's death.

Luciano encounters Capone in Chicago; Nucky and Margaret find common ground in Atlantic City. Meanwhile, Sally conducts business in Cuba as rumors swirl of a public uprising. In 1884, a young Nucky continues to impress the commodore.

When fugitive Chalky comes to Nucky hunting for Narcisse, Nucky advises him against revenge and hides him. Van Alden and Eli are arrested, and an 1897 Nucky moves up with the Commodore.

Chalky comes to an agreement with Narcisse to free Daughter Maitland. Nucky engages in alcoholic depravity. Van Alden and Eli try to steal Capone's ledgers.

In 1897 Nucky's family tries to help the young Gillian and in 1931 his forces try to resist an ambitious Luciano.

Nucky visits Gillian, Luciano and Lansky deal with Narcisse and young Nucky faces a turning point. In Chicago, Capone prepares to face trial and in New York Margaret becomes a stock operator a la Joe Kennedy. Scores are made and settled.