Alan Scott is on Mount Kibari, Alaska, and recording a message to his wife Karen.
Sometime later, Elliot arrives at the Kibari basecamp and meets with Nate. He complains that they had agreed to lay low for two weeks after San Lorenzo, but Nate explains that they have a narrow window of opportunity.
Nate meets with the client, Alan's wife Karen, and explains that Alan was killed during a storm while mountain climbing. He had created a small-business loan company and partnered with Merced Financial Services. The owner is John Drexel, a multi-million-dollar CEO who thrives on racing cars and climbing mountains. When he learned that Alan liked to climb, he took him expeditions. However, Alan learned that Merced was buying up foreclosures by the thousands and hoping the owners wouldn't fight them in court. The courts would have stopped Merced if someone brought them evidence, but after Alan died, someone broke into the Scott home and took all the evidence. However, Karen says there was one piece of evidence that Merced might have overlooked.
Nate and Eliot enter the main tent and find a rich expensively-decorated interior. Sophie arrives and Nate pointedly avoids talking about how they ended up in bed after San Lorenzo. Parker and Hardison come over, and Sophie complains that Nate took the job without consulting with them. The mountain is reopening that day, since it has been shut down during the storm three months ago when Alan was lost. Nate hopes to find the notebook that Alan had on him with the written evidence that Merced was up to something crooked. Drexel arrives and Nate explains that it's a race to find the notebook before Drexel does.
Outside, Hardison gets access to the communication systems so that he can monitor all communication. Nate explains that Drexel and his team had to get permission to explore the mountain, so they'll go in ahead without official sanction. Alan's parka had a GPS beacon so they can track him using a handheld receiver. Hardison sets up in the Internet café tent, while Sophie distracts Drexel.
Drexel talks to the gathered executives and claims that he's doing the climb to honor Alan. Meanwhile, Eliot reminds Nate that the symptoms of high-altitude sickness are similar to those of alcohol withdraw, and that Nate can't con a mountain. Nate insists that he'll be fine. Meanwhile, Hardison suggests to Parker that he go up with the mountain with her to keep an eye on her, and she wonders if it's going to become a "thing." He insists that it isn't and Parker walks off with Eliot.
Nate discovers that Karen has arrived. She insists that she's the best person to find their husband's body, but Nate warns that if Drexel sees her, he'll know that something is going on. Hardison discovers that Parker and Eliot are heading past a point where they can't get a visual signal, and they'll have to bring the notebook back physically. Sophie calls in and warns them that she needs the personalities of the people going up the mountain. Karen provides her with information on the various teams: the Germans, the Japanese, and the Australians. She's surprised that the Japanese are there, as they are typically in the Alps, and they're Drexel's main competitors. Sophie asks Hardison for a Paris phone number, and she asks for Nate's help. He insists on staying in the Internet tent.
Sophie takes a picture of herself and sends it to him from the Paris number. She then slaps him and starts to walk away. He says that they've never met, and Sophie claims that they met for sex. When he says that he doesn't have her number, he checks his cell phone and discovers the phone number and photo, and Sophie tells him to buy a drink so he can remember.
Parker and Eliot continue up the mountain and find an abandoned tent. Hardison confirms that it's a supply depot, one of several scattered around the mountain. Hardison provides them with the high-camp coordinates of Alan's last location, but doesn't pick up the tracking signal. He wants Nate to send up another receiver, but Nate he can't spare anyone. Eliot finds a boot print and informs them that a Russian commando is on the mountain.
Nate updates Sophie via earbud about the new developments. She notices that he's texting someone, and Hardison confirms that Drexel sent a text to Miyashta. Sophie asks Nate for suggestions, but he realizes that Karen has left with the second receiver. Nate insists on going after her, and tells Hardison to discover the financial connection between Drexel and Miyashta. When Sophie and Hardison both object, Nate ignores them. Meanwhile, Sophie goes over the information and realizes that it's a company buyout. The basecamp is the perfect place for secret negotiation. Drexel is going to sell the company to the Japanese, and the country's stricter privacy laws will prevent anyone from uncovering Drexel's scheme.
Sophie tells Hardison to shut down Drexel's phone and internet access and then approaches Hans and complains about the buyout. As he starts talking to the others, Sophie tries to call Nate.
On the mountain, Nate approaches the supply camp and uses the oxygen to revive himself. Hardison confirms that Karen has reached the coordinates... and gone past them. Hardison confirms that Alan's location is way off and figures that something crooked went on the night of the storm. Eliot and Parker reach the spot but find nothing... until the snow covering a crevasse breaks beneath them, dropping them in. Hardison loses their signals and tries to contact Nate, only to discover that he's off the grid as well.
Nate finds Karen, unconscious, and administers oxygen. However, he quickly collapses next to her from high-altitude sickness. Karen wakes up and drives him to the high camp, and she explains that she twisted her ankle and kept moving, only to hyperventilate. She admits that she was angry because she never got to say goodbye, and that it wasn't fair. Nate sympathizes and admits that anger is better than grief, and anger is what keeps him going. However, he warns Karen that she can't let the anger take over so that she always tries to beat something. When she wonders what happens then, Nate says that eventually you run into something you can't beat, and our luck runs out.
Parker and Eliot wake up and find Alan's corpse. He broke his leg in the fall, and the walls of the crevasse cut off his beacon signal. Eliot gets his notebook and starts to leave, but Parker insists on getting Alan's body out as well. Eliot hesitates for a moment and then agrees.
Hardison tries to contact everyone without success, and tells Sophie that the Germans are buying up Merced stock. Sophie approaches Miyashta and claims to be a business reporter, and asks him about the buyout. When he feigns ignorance, Sophie suggests that he check the stock prices. He does so and meets with his people.
Parker confirms that there's another message on Alan's cellphone, but Eliot says that it's for Karen. He has Parker climb up and then belay him.
Hardison picks up Nate's and Karen's signal, but warns Sophie that there's a storm moving in. Drexel grabs her and demands to know what is going on. Sophie tells him to check his stock prices, and he realizes that Miyashta and the Germans are pulling out. Karen and Nate come in, and Sophie hugs Nate and then tells him the con she's running so he can play along.
Eliot points out that it's going to be difficult to get Alan's body down the mountain, but Parker insists. As she starts up the rope, it snaps. Eliot says they have no choice but to take the rigging rope off of Alan's body. Parker insists that she needs to do the right thing and take Alan back to his wife, just like the others would.
Nate bluffs Drexel and claims that he has the notebook, and says that his people are planning to profit from Miyashta's announcement. He asks Drexel to stall and the CEO agrees, but demands to see the notebook when he comes back.
Eliot points out to Parker that it's a good thing they found Alan, because the others would have gotten themselves trying to get Alan out. Parker wonders if that makes them good or bad, but Eliot simply says that it makes them themselves, and she can take that however she wants. Before she goes, Parker wants to play the last message and see if there's something Alan wanted done.
Once they get out, Parker and Eliot contact Hardison, who breaks into tears. They play back Alan's last message.
Nate points out to Sophie that he told her to stall, not set off a multi-company buyout. Hardison calls Nate and says that he has to hear the message from Alan. As Nate goes to meet him, Drexel punches him and demands the notebook. When Nate stalls, Drexel realizes that he doesn't have the notebook. He tells Nate to have his people turn over the notebook to his man, Dmitri, and they'll give them a ride down the mountain.
Parker and Eliot reach the supply depot and find a snowmobile parked nearby. One of the Russians emerges from beneath the snow, grabs Parker, and demands the notebook. Parker tells Eliot not to hand it over, but he takes out the notebook and tosses it to the commando. The man releases Parker and uses a flare to burn the notebook, and then leaves on the snowmobile.
Drexel comes to see Hardison and mistakes him for the operator. He calls the commando, Dmitri, who confirms that he destroyed the notebook. Once Drexel leaves, Hardison tells Nate what's happening.
Drexel reassures Miyashta that the deal can go through. Nate and Karen come in, and Hardison plays Alan's last message from the crevasse on the monitors. On the recording, Alan says that Drexel cuts his rope and let him fall. He's unaware that Parker slipped the cellphone onto Dmitri when he grabbed her, and set it to transmit. When Dmitri comes in, Drexel realizes that the phone is on the commando. Parker and Eliot arrive with the park rangers, who take away Dmitri and then Drexel. When they ask Hardison how the signal has continued, Hardison explains that Alan set it to send the email as soon as it could make a connection. On the recording, Alan tells Karen that he loves her. He says that he's not on the mountain, but next to her no matter where she is. As the message ends, Eliot tells Parker that she brought Alan back to Karen after all. Hardison comes in and Parker hugs him.
Back in Boston, Parker warns Hardison that whatever they have won't be normal, and Hardison is okay with that. Eliot congratulates Sophie on her opening with Drexel. She describes all the tells she got from Drexel that made her sure she'd forgotten the woman she pretended to be. As they eat, Nate comes in and points out that they're all together again. Sophie talks to him and they both agree not to discuss what happened between them or tell the others. As he walks away, Sophie says that it's silly for him to pretend that he doesn't know her real name. Nate says that if he does, the others will figure out that something has changed. As he does everything she just described about Drexel, Sophie realizes that he doesn't remember what happened.
Hardison finds a passive bug in the lamp and they realize that someone is taking a run at them. They admit that they've taken on a lot of people, and Nate points out that when you're that high up…it's a long-way down.