The track begins with Boromir's death music (= true love). Lucky Boromir! He died in the first movie and still get appearances in all of them! It then switches to when Pippin is off to reach the beacon. The quarter slurred up to eighth rhythm reminds me of several other occasions when the hobbits are running somewhere, not in a situation of great danger (as in a battle or fleeing Shelob).
The next theme is a variation of Gondor's, with the same underlying low tones and moving upper strings. It builds and develops, and at 2:35 it becomes the "original" Gondor theme with which we are the most familiar. (Waaaay too familiar during the Oscars! They really needed more than one soundclip.
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Like the last track, this one doesn't resolve, but rather rolls on into the next one.