[Frodo, Sam, and Gollum sleep.]

Gollum: "Too risky, Too risky. Thieves! They stole It from us. Kill them, kill them, kill them both!"

[Gollum wakes up with a scream. He creeps down to a pool of water.]

Gollum: "Shhh! Quiet! Mustn't wake them! Mustn't ruin it now!"

Sméagol: "But they knows! They knows! They suspects us!"

[Sméagol and Gollum, the latter shown in a pool's reflection, converse.]

Gollum: "What's it saying, my precious, my love? Is Sméagol losing his nerve?"

Sméagol: "No! Not! Never! Sméagol hates nasty hobbitses! Sméagol wants to see them… dead!"

Gollum: "And we will. Sméagol did it once. He can do it again."

[A flashback of Sméagol killing for the ring is shown.]

Sméagol: "It's ours! Ours! We must get the Precious! We must get It back!"

Gollum: "Patience! Patience, my love. First we must lead them to her."

Sméagol: "We lead them to the winding stairs."

Gollum: "Yes, the stairs. And then?"

Sméagol: "Up, up, up, up the stairs we go. And then we come to the tunnel."

Gollum: "And when they go in, there's no coming out. She's always hungry. She always needs to feed."

Gollum: "She must eat. All she gets is filthy orcses."

Sméagol: "And they doesn't taste very nice, does they, precious?"

[Sam awakes, but does not move.]

Gollum: "No, not very nice at all, my love. She hungers for sweeter meats. Hobbit meat. And when she throws away the bones and empty clothes, then we will find It!"

Sméagol: "And take it for me!"

Gollum (scoldingly): "For us."

Sméagol (afraid): "Yes, we meant, we meant for us."

Gollum: "Gollum! Gollum! The Precious will be ours once the hobbitses are dead."

[Gollum drops a pebble in the pool. As the ripples clear, Sam appears from behind Gollum.]

Sam: "You treacherous little thief!"

[Sam hits Gollum.]

Gollum: "Argh! No! Master!"

[Frodo, now awake, steps between the two.]

Frodo: "No, Sam! Leave him alone!"

Sam: "I heard it from his own mouth! He means to murder us!"

Gollum: "Never! Sméagol wouldn't hurt a fly! He's a hobbit, fat hobbit who hates Sméagol and who makes up nasty lies!"

[Gollum hides behind Frodo, who protects him.]

Sam: "You miserable little maggot! I'll stave your head in!"

Frodo: "Sam!"

Sam: "Called me a liar! You're a liar!"

Gollum: "Ah!"

Frodo: "We scare him off, we're lost!"

Sam: "I don't care! I can't do it, Mister Frodo! I won't wait around for him to kill us!"

Frodo: "I'm not sending him away!"

Sam: "You don't see it, do you? He's a villain."

Frodo: "We can't do this by ourselves, Sam. Not without a guide. I need you on my side."

Sam: "I am on your side, Mister Frodo."

Frodo: "I know, Sam. I know. Trust me. Come, Sméagol."

[Gollum, hand in hand with Frodo, grins back at Sam.]