G major, 3/4 time.

A bright piece in G major. Like No. 1, the theme is constructed with sixteenth-note scales. The theme is presented by the upper voice in measures 1-2, after which the middle voice responds in measures 3-4. In measure 5, the middle voice seems to repeat the theme, but in fact, it deviates from the theme as an eighth-note arpeggio follows in measure 6, which becomes the motif characterizing the interlude.

What the middle voice plays in measure 11 is a variation of measure 5, which had functioned as an interlude. However, the following two measures are not eighth-note arpeggios but the latter half of the theme, revealing that measures 11-12 constitute a theme presentation (second exposition). Thus, the characteristic feature of this piece is its development with an ambiguous distinction between the theme and the interlude.