Theory of Avarice

Detained by Archer's forces along with the Curtises, Ed slips away by leaving decoy dummies behind. Archer reinstates Kimbley and Tucker, ordering the Devil's Nest resistance wiped out so more chimeras can be manufactured. In the sewers the soldiers cut down Greed's followers, including Bido, while Major Armstrong confronts the group and demands Al's release. Roa, revealed as a fellow civil-war veteran, battles Armstrong and then breaks open a wall so the gang can flee.

Hunted by Lust and Gluttony, Greed and his last companions take shelter, and Dolcetto and Roa stay behind to buy time, dying so Greed and Al can run. Greed frees Al but asks Martel to stay in his armor one more day to survive. Lured into Dante's house by Lyra, Greed weakens near a table holding his own bones, discovers Dante already cut in half, and vomits red stones as Lyra triggers a circle beyond any ordinary alchemist's skill before vanishing.

Believing Greed killed Dante, Ed arrives to a brutal beating from the armored homunculus, who again mocks his refusal to kill. Reasoning that the Ultimate Shield must be carbon rearranged into diamond hardness, Ed transmutes the armor into brittle graphite and learns Greed cannot both armor and heal at once. He drives his automail blade through Greed's chest, and the dying homunculus confesses he already released Al and reveals that remains of the human they were made from leave any homunculus vulnerable. Ed buries Greed and Dante, then sets out for Ishbal, urging Izumi into hiding, determined to keep going until the brothers are whole.

Ed and the Curtises escape the military with decoy dummies, and Archer reinstates Kimbley and Tucker. Armstrong fights Roa in the sewers as Greed's gang scatters. Dolcetto and Roa sacrifice themselves against Lust and Gluttony to free Al. Lyra lures Greed to Dante's house, kills Dante, and weakens him with his own bones. Edward defeats Greed by converting the Ultimate Shield's carbon into graphite and stabbing him through the chest. Dying, Greed discloses the homunculi's weakness before Ed buries him and heads toward Ishbal.

The episode adapts material from the manga chapters covering a fool's courage and the eye of the king. Greed's end here differs greatly from both the manga and the 2009 series: this version has Edward kill him in single combat, whereas the later retelling has Father sever him during the final battle after weakening him. The story also connects to the 2009 series' episodes on the beasts of Dublith and those who lurk underground.