Neal confronts Adler, the man responsible for Kate's murder, who coerces Neal and Peter into assisting him in getting access to a treasure concealed within a Nazi U-boat.
Tropes:
- Bomb Disposal: Neal and Peter have to deactivate the bomb on the Enigma of the U-boat so that Adler can get into it.
- Bond Villain Stupidity: Adler ties up Neal, Peter, and Alex and leaves them at the bottom of a dry dock to be slowly flooded to death.
- Conveniently Timed Attack from Behind: Adler is about to shoot Neal because he thinks he blew up the art, but Peter arrives just in time to shoot Adler from behind.
- Crying Wolf: Because of Neal’s past, Peter does not believe Neal when he assures Peter that he wasn’t the one who stole the art from the U-boat.
- Faking the Dead: Adler reveals to Neal that Kate intended to fake her and Neal’s deaths so that they would not have to be on the run any longer. However, Adler let the bombs go off earlier than planned after finding out that Burke was at the airport.
- Like a Son to Me: Adler tells Neal that he was like a son to him, explaining why he did not wait until Neal was on the plane before blowing it up.
- Nazi Gold: The U-boat Adler is after contains a magnitude of valuable items stolen by the Nazis from all over Europe.
- O.O.C. Is Serious Business: Neil being late for his lunch date with Sara alerts Mozzie, then Sara herself that he must be in trouble.
- The Reveal: Alex is Gerhardt Wagner’s granddaughter.
- Wham Shot: The episode ends with Neal in a room surrounded by all the stolen artwork, dumbstruck.
