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Peter promises Neal full immunity to tell him everything he knows about Vincent Adler, a promise that takes Neal on a trip down memory lane. We find out how Neal met Mozzie, Kate, Peter and Vincent Adler.
In the process of conning Vincent Adler, Neal meets Kate Moreau, his assistant, who Neal is immediately attracted to. Unfortunately, Kate is out of reach because she has a boyfriend. He also singles out Alexandra Hunter, who we now know as Alex, when she attempts to identify whether or not Adler has a particular item she’d looking for, the now infamous music box.
Adler walks away with the money he swindled from his clients after Neal fails to take the password he was given to the bank in favor of spending time with Kate. Neal, Kate and Mozzie form a crew and start trying to get the money back, Neal having completely revealed his true identity to Kate.
When Neal unsuccessfully attempts to con Kate into going to Copenhagen, Neal finds himself without Kate in pursuit of the music box, and the three person job falls apart without her.
Upon returning to the United States, Neal started pulling big cons to get Kate’s attention, getting the attention of the FBI along with it. Neal continues to look for Kate, even though it’s a trap that allowed Peter to catch Neal once he discovered that it was Kate that Neal wanted most.
With the story of Adler revealed, we discover that the fractal is the address to an emergency frequency that will likely lead them to a plane or boat from the 1940’s, and whatever it contains is what Adler wants, they just have to find him first to figure out what that is.