This print would have been commissioned by Hasegawa, one of the members of the collectors' group, for presentation to Oda-san the main sponsor of the set.

The image represents Benten Kozō, the main character in the kabuki drama of the same name.

A Wikipedia page has an outline of the plot, but what we are seeing here is the scene where: "Discovered, Kozō removes his outermost kimono, reveals his tattooed arm, and begins to explain his true identity, in one of the most popular monologues in the kabuki repertoire."