C minor, 12/8 time.

The theme consists of two measures: an arpeggiated chord (m. 1) and a stepwise progression including a diminished seventh leap (m. 2). The entire piece is clearly structured into two parts. In the first part, the theme is presented in C minor by the upper and middle voices (from m. 1), and in G minor by the lower and upper voices (from m. 9).

In the second part (mm. 19-32), which begins in G minor, it is characteristic that the theme never appears in its complete form. Only the arpeggiated chord portion, corresponding to the first measure of the theme, is primarily used. This arpeggiated motive is combined with the transitional sixteenth-note motive seen in measure 8 and elsewhere, and modulates repeatedly through sequential progression.