In consultation with the best legal mind Mozzie, Neal Caffrey has prepared his freedom contract. He wants the attorney general to sign on it. He no longer trusts Peter Burke's word that he will ensure his freedom if he helps the FBI catch the Pink Panthers. Peter warns Neal about the dangers of infiltrating the notorious gang. When Neal arrives at the Pink Panthers' location, he is shocked to see that Matthew Keller is one of the members of the Pink Panthers. Fortunately, Keller shows no intention to out Neal as the CI at the White Collar division of FBI. Neal gets a task to do from his new employer.

Peter is surprised to know that Keller is out and is in New York, as he was supposed to be in a Russian prison, serving his 20 years sentence. Peter wants to abort Neal's plan to catch the members of the Pink Panthers and wants to arrest Keller, as he is afraid that he may harm his dear ones again (the last time he kidnapped Elizabeth). Neal is adamant on helping the FBI catch the infamous gang as he is determined to get his freedom.

The Pink Panthers want Neal to bring them the Swedish 'Treskilling Yellow' stamp, which is worth millions and was printed in 1855. The FBI team finds out that it will be auctioned off at a black-market auction by Bianca Esteverena. Only a few clients are invited to the auction and Bianca vets them out, personally. Neal is going to impersonate Nathaniel Dietrich to meet Bianca, as not much is known about him. However, when Neal meets Bianca, he discovers that she was expecting to meet his father. Neal is caught unaware and before he could think of a way to charm the lady sitting in front of him, Peter appears on the scene, impersonating the senior Dietrich. He sends Neal off and then talks about how difficult it is to raise a child and shows his concern for his son. Peter gets an invitation to the black-market auction and will be getting the address of the location an hour before the auction time.

Meanwhile, Mozzie finds out that Elizabeth is pregnant. Keller invites himself inside Neal's apartment. Neal convinces him that he just wants his freedom, and he has nothing to do with the FBI and Peter Burke. Neal and Peter think Keller is out of the prison because of a benefactor with connections.

At the auction, Neal tells Peter that it will be difficult to steal the priceless Swedish stamp as the whole room is protected by an impenetrable, advanced security system. Neal has a plan and puts a dessert fork in his pocket to execute that. He picks up a fight with one of the clients by raising the bid amount. Neal involves Peter in his plan and tells him to get in a scuffle with the client while he goes to set off the alarm. When the client says something nasty about Neal, Peter picks up a fight with him. Soon, Neal triggers the alarm. Bianca sees that the stamp is no longer at its place. She wants the security men to search Neal. They do not find anything on him. Neal wants the security men to search Bianca as she may have stolen it to get more money, not just her usual 25 per cent. The stamp's holder is found in her clutch. Neal and Peter walk away from there, with the stamp. Neal is hiding the stamp under his neck-collar.

Neal, however, cannot give the original stamp to the Pink Panthers because of the Swedish government's objection. He forges the stamp but Mozzie fears that Keller may find out that it is not the real deal. However, they soon find out that Keller is working as the CI of Interpol. Keller tells the gang head that the stamp is genuine. He later tells Neal that he, too, is seeking his freedom. However, Peter and Neal suspect that there is more to Keller's story.

Peter tells Neal that Elizabeth is pregnant. Also, the attorney general has put his signature on Neal's freedom contract.