E minor, 4/4 time.

Like No. 1, this piece is constructed through the manipulation of concise motives. The motive presented at the beginning is repeated in various forms, such as being reiterated at different pitches (sequential progression) or used in inversion.

The entire piece consists of three thematic exposition sections. The first exposition section, starting from measure 1, develops through imitation of the theme and sequential progression, concluding with a half cadence in measure 7. In the second exposition section (measures 7-15), the lower voice develops the opening motive, using the dominant of G major as a pedal point. The development continues even after the pedal point, with the first measure of the theme being divided into a first half consisting of sixteenth notes and a second half containing a dotted rhythm, each processed separately. From measure 15 (the third exposition section), the upper voice undergoes free development with the lower voice acting as a pedal point; the lower voice then takes over, preparing the concluding section from measure 20.