Redoran's Retreat, in a chest near the bandit chief.
Pelagia Farm, southwest of the farm. Start from the front of the windmill at Pelagia Farm and travel directly South East (cross country) until you get to the road to Riverwood. Then travel directly West until you are beside a broken tree which has its top missing. Here travel South West (uphill) between two sections of rock until you see three snow-covered pines trees. To the right of these pines trees, you will see a large pine with no branches on its lower half. Head West towards this tree and when you are standing directly South of it you can see the chest to the West under a snow-covered bush.