The exposition starts out in F Major with a small two measure introduction, followed by Group 1 material. This is important because he uses the 16th note idea later in transitions between groups as well as the development. The first transition uses triplets as a means to modulate to C Major by using secondary dominants. It is also worth noting that the transitions between groups are exceptionally long. I believe this is to make up for the surprisingly short development section later in the piece. Group 2 comes into view, being in C Major for the rest of the exposition and by expounding on the 16th note idea. The Group 2 motive of quarter note triad followed by 16th note runs come back in the development. The next transition uses triplets again, but in a different fashion. He cuts the first note of every bar in the right hand while the left hand goes chromatically from E to A in place of the cut triplet notes. This small idea comes back briefly in the development. The next section is hard to describe. Some might say it is the closing theme, while others might say it is a precursor to the closing theme. I tend to think the latter. He could have ended it from the second transition to the little three bar closing theme just fine. I think he just added the precursor as a little fluff.
The development is rather short (only 26 measures). The first group in the development briefly brings back the triplets with the first note of the each bar missing but in the left hand. The right hand is doing this little dotted 8th note to