[Gandalf re-enters Bag End. His hand hovers over the Ring, about to pick it up, but stops short when the Eye of Sauron flashes in his mind.]

[Gandalf rises and sits himself by the fireplace.]

Voice of Bilbo: "Its mine, my own, my precious!"

Gandalf: "Riddles in the Dark."

[The smoke from Gandalf's pipe drifts up, obscuring his face. Frodo is heard entering Bag End.]

Frodo: "Bilbo! Bilbo!"

[Frodo opens the door and sees the Ring on the floor. He stoops to pick it up.]

Gandalf: "My precious."

[Frodo notices Gandalf smoking by the fireplace, approaches him.]

Gandalf: "Precious…"

Frodo: "He's gone hasn't he? He talked for so long about leaving. I didn't think he'd really do it."

Frodo: "Gandalf?"

Gandalf: "Hmm?" [smiles at Frodo, noticing the Ring in Frodo's hand.] "Bilbo's ring. He's gone to stay with the Elves. He's left you Bag End…"

[He holds envelope open, Frodo slips in the Ring, and Gandalf seals the envelope.]

Gandalf: "…along with all his possessions. The ring is yours now. Put it somewhere out of sight."

[Gandalf gets up to leave, collecting his hat and staff.]

Frodo: "Where are you going?"

Gandalf: "There are some things that I must see to."

Frodo: "What things?"

Gandalf: "Questions. Questions that need answering."

Frodo: "But you've only just arrived! I don't understand."

[Gandalf stops his hurried exit and looks back at Frodo.]

Gandalf: "Neither do I."

Gandalf: "Keep it secret. Keep it safe."

[Gandalf leaves Bag End. Frodo looks at the envelope in his hand.]