Nana and Labordette sit in a box at the Théâtre des Variétés, where the actors are rehearsing a new play written by Fauchery. Bordenave, whose last two plays have been financial failures, thinks that with Nana in the role of the courtesan, he can attract a larger audience, court Muffat’s favor, and, more importantly, loosen Muffat’s purse strings. Labordette, ever the diplomat, has arranged for Nana to meet with Muffat to reconcile. Rose, who is portraying the duchess in the new play, is furious that Nana might soon take Muffat back from her.

Nana meets Muffat in her old dressing room. He wants her back. He offers her everything he can think of—a townhouse of her own, jewels, money—if only she will return to him and promise fidelity. She answers that she wants only one thing: the role of the duchess, the respectable woman, in the play. She knows he can procure this for her by appealing to Bordenave, who is desperate for Muffat’s funding. She argues that Muffat can also get Fauchery to write positively about her by using the fact that Fauchery is having an affair with Muffat’s wife and thus is in no position to refuse him any request.