Night 0 - sleep in Puerto Natales
Night 1 - camp at Refugio Grey $
... (not to be confused with Hosteria Grey)
... from Puerto Natales, stay on the bus to Pudeto. Catamaran to Refugio Lago Pehoe, then trek to Refugio Grey.
Night 2 - camp at Refugio Lago Pehoe $ or Campamento Italiano
... you must backtrack the previous days route
Night 3 - camp at Albergue Los Cuernos $ (The Horns): sidetrip to Frances Valley
... a long day (including sidetrip with day pack only)
Night 4 - camp at Albergue El Chileno $ or Campamento Torres: sidetrip to Towers Lookout in the afternoon, and/or following morning. Additional sidetrip to Valle del Silencio (Valley of Silence) if time allows.
... another long day (including sidetrip with day pack only)
Night 5 - sleep in Puerto Natales