The various strands of the story begin to intersect. The busker continues on his quest to uncover the source of the cryptic letters, while Frédérique is also inadvertently drawn into the conspiracy. Games—cops and robbers, chess, and cons—abound.
Frédérique finds that blackmail doesn’t pay as she crosses paths with the busker who is now in love with Pauline (Bulle Ogier)—or is it Emilie? Meanwhile, a wild goose chase through Paris ensues when one of the productions is fleeced out of money.