Lupin, Holmes, Lily, and Zenigata survive the explosion, realizing the Black Drawing Room was a booby trap. Holmes deduces that the cheap ring Faulkner always wore is the key to uncovering the treasure. That night a man steals the ring and uses it to unlock a gravestone leading to a secret passageway containing the Raven's treasure. He is cornered by Holmes, accompanied by Lily and Lestrade, and Holmes recognizes him as Eliot. A gunfight ensues and Eliot is shot by Lupin, who had followed them, telling Lily that Eliot killed her father. Holmes and Lupin surprisingly shoot at each other, and in the commotion, Lily recalls that she saw Lestrade just before her father was murdered...