From where episode 1 left off, Fumika and Ayase are facing off. Fumika asks Ayase if she really had a lover, to which Ayase replies 'Guys, I have plenty.' Fumika then says a number, activating Kanaka and turning them invisible, just as Ayase is about to slice them up.
Fumika reappears in Shouta's roof room, and after surveying it for a little, turns Kanaka into wings again and flies off. Meanwhile, Ayase is digging a grave for Shouta's body with her knife. (Wow, talk about diligence.)
The next morning at the facility (Which is actually a pretty nice daycare center.), Ayase is shown taken good care of her sister Miku. As the staff look on, mention of Ayase's father comes up, which leads to some flashbacks.
It becomes apparent that Ayase's father used to exploit her in order to make money. He would have her do porn shoots in the bedroom that Fumika found in episode one. However, he's apparently not satisfied, and wants to bring Miku in on it as well.

That isn't going to fly, sir.
Well, we all know what happens next. He gets stabbity'd.
The next day, Ayase passes by where she buried Shouta. There's a huge crowd, as police have already discovered the body. Ayase heads back to the center, only to find that the police are already investigating her connection with Shouta's death. (If only our police were that competent…) She slips away unseen, wondering how they knew since she'd never told anyone about her and Shouta.
At the train station, Ayase cuts her hair in the bathroom, then heads out to take a train. As she waits for the train to leave, Fumika shows up.

Hmm, I wonder what it could possibly be?
Fumika holds out a shigofumi, causing Ayase to ask her about it. During Fumika's explanation, Ayase notices that noone's about, and she makes a lunge for Fumika. Of course, you don't hold a conversation with a murderous person without being prepared, and Fumika acts quickly by tripping Ayase with Kanaka. She then points a gun (Wut?) at Ayase to stop her from making any more moves.

After asking if Ayase has any regrets, Fumika leaves. Back in her seat, Ayase opens and reads the shigofumi. It's from Shouta (Obviously.) and is completely forgiving and supportive of Ayase. When she's finished reading, Ayase, bolts out of the train and heads straight for the abandoned building. All of Ayase regrets definitely are coming forth, and she intends to setup and launch Shouta's rocket in his memory. She says how she hated him for having so much more freedom than herself, but it is clear that she did care for him. As Ayase is about to finalize the launch, one of the police detectives shows up.
The launch would have gone off fine, but a sudden gust of wind blows a tarp over the rocket.

That might be a problem.
As the detective continues to speak, Ayase yells, 'NO!' and runs toward him with her knife out.

There are less flashy ways to free a tarp, you know.
Ayase cuts the string, freeing the rocket from the tarp; but immediately after, a gunshot is heard.


Is this some police shooting?
After being shot by the second detective who just arrived, Ayase falls to the ground and says, 'Do your best, Shouta.' The rocket launches successfully.
Later that day, Fumika appears at the center to give Miku a shigofumi.

Thoughts:
Wow, I don't know if I can take any more dramatic endings. Whoever wrote the storyline is brilliant. Despite the apparent lack of a main plot, Shigofumi still brings you back for more.
I apologize for naming protagonists so quickly. This episode has made it clear who the main character is: Fumika. Well, it goes without saying that all other candidates are kind of dead. It also seems that Fumika is rather mortal, despite being a deliverer of supernatural material.