Theon admires his new boat—sorry, ship—when he hears a woman's voice behind him.
He and the woman, who calls herself Esgard, flirt; although she says she is married, he wants to take her for his own.
As they ride through Lordsport, Esgard knows the ironborn sailors better than Theon.
They ride to Pyke with Theon's squire wide-eyed at Theon coming on to Esgard. They discuss Theon's claim to the Iron Islands as well as his time in Winterfell.
At Pyke, it is revealed that Esgard is actually Theon's sister, Asha Greyjoy—she says she kept up the charade to see who he really was firsthand. Now that's an actress dedicated to her craft.
At the evening's banquet, Asha teases Theon for all that he told her in his flirtatious mood.
Theon realizes Asha has the respect of his people more than he does, and wonders why he waited half his life to return home only to be mocked.
In Balon's solar, Theon, Asha, and their uncles gather to hear Balon's plan. Theon is sent to raid the Stony Shore while Asha is tasked with taking Deepwood Motte.
Theon's uncle, Victarion, is given the main force to attack and take Moat Cailin at the Neck.
Balon explains that with the lords fighting in the south, the North will be easy takings.