Episode 2 of The Night Manager season 2 commences with Sally being reprimanded by Marya during a hearing. At the conclusion of the meeting, Marya dissolves the Night Owls Unit and places Sally on leave. Later, Basil tracks down Jonathan to Three Cliff Bay, Wales. He divulges that he was the architect behind Jonathan's new persona. Similar to Rex, Basil is suspicious of the developments at the Riverhouse. He offers to aid Jonathan in uncovering the truth behind Rex's murder, who believes that British intelligence is assisting Teddy in continuing Roper's nefarious endeavors.
Subsequently, Basil leads Jonathan to the beach, where he encounters Sally. The trio quickly gets to work and creates a new persona for Jonathan. This time around, he embodies Mathew Ellis, a rogue financier from Hong Kong. They also devise a plan to ensnare Alejandro Gualteros, a public prosecutor in Medellín who has been pursuing Teddy for quite some time. They send him an anonymous tip to seize Teddy's latest shipment. Additionally, they freeze Barquero's bank accounts, thus providing Mathew with the perfect opportunity to 'rescue' Teddy financially.
A few days later, Jonathan arrives in Colombia and commences his role as Mathew. He befriends Teddy's lawyer, Juan Carrascal, who has a penchant for gambling. After a tennis match where Jonathan loses, Teddy makes his introduction. He subsequently excuses himself to confer with a few military bosses and seeks their assistance in preventing Alejandro from unsealing the impounded shipment.
In the meantime, Sally meets with Alejandro and introduces herself as the friend who sent the tip. Unfortunately, Alejandro has already received a letter from the military halting his efforts to open the shipment. Sally promises to keep him informed and departs.
Back at home, Rex is laid to rest with a heartfelt tribute by Marya. After the funeral, she hints to Basil that he needs to choose a side, but he asserts his loyalty to the service.
Back in Colombia, Juan calls Jonathan and invites him to a fundraiser gala. His surprise at seeing Roxana there is palpable, but she doesn't out him. She insists that she's innocent and more or less Teddy's prisoner. He keeps her close because he needs her shipping company. Jonathan threatens to arrest her if she doesn't vouch for him, and she agrees to help. Meanwhile, Teddy tries to get more information about Jonathan from him, but Jonathan is tight-lipped and evasive. As such, Teddy spends the whole night watching Jonathan and Roxana talk.
Later, he tries to bribe Alejandro to release the shipment, but Alejandro refuses, just as Sally had instructed him. After the party, Jonathan asks Sally to keep looking into Roxana and her company. The following morning, Jonathan meets with a private detective and they set out to find the woman from a photograph found in Teddy's wallet. Their investigation leads them to Eje Cafetero, where they run into Teddy's sister, who sends them to the church that Teddy grew up in.
It turns out that the woman in the picture is Teddy's late mother, Maria. She had an affair with Roper and left Teddy in the church's custody. Apparently, Roper used to visit Teddy once every year. In London, Basil brings over the documents from Rex's office as requested by Marya. He then leaves and rents an apartment near Marya's house, starting to spy on her. Meanwhile, Sally discovers that there have been five other shipments in the past two years linking Barquero and Teddy. She later briefs Jonathan and warns him that the impounded shipment will most likely be the last one. This means that Teddy has most of the other weapons ready. However, Jonathan is too shocked by his discovery to focus on what she's saying. He feels like he's chasing ghosts.
Just then, he gets a call from Roxana. She invites him over for lunch the next day and warns him to be careful. If Teddy finds out about her betrayal, she's dead meat. The next day, Sally meets with Alejandro on a train. He shares a threatening message he received and demands to know what's going on. Sally tells him about the weapons and the deadline. Alejandro tells her that the tenth anniversary of the peace process is coming up in a week. He fears that Teddy is talking about that event when he mentions the deadline. They're running out of time, so Sally offers to get him a list of the contents inside the shipment.
In the meantime, Jonathan meets with Roxana for lunch. She warns him that Teddy is trying to sound him out and is in desperate need of cash, specifically 20 million to stay afloat. However, Roxana has a few conditions before she decides to cooperate with Jonathan. She wants to walk away free when it is all said and done. After lunch, she brings Jonathan to Teddy's house.
Teddy makes an investment proposal, promising to double Jonathan's money in just 3 months. However, the only condition is that Jonathan asks no questions and they have to stay out of each other's business. Jonathan plays hardball and asks for time to think it through. The meeting turns into a party.
Jonathan remains in character and gets high and drunk, eventually falling into the pool. Once he is rescued, Teddy starts casually interrogating him. Jonathan lies about how he stole money from the last bank he worked at and claims he needs Teddy to clean the money. The atmosphere of tension and intrigue is palpable as the two characters navigate their delicate partnership.
