[Gandalf and Elrond watch Frodo and Sam from the balcony in Elrond's study.]

Elrond: "His strength returns."

Gandalf: "That wound will never fully heal. He will carry it the rest of his life."

Elrond: "And yet to have come so far, still bearing the Ring, the hobbit has shown extraordinary resilience to its evil."

Gandalf: "It is a burden he should never have had to bear. We can ask no more of Frodo."

Elrond: "Gandalf, the enemy is moving. Sauron's forces are massing in the east — his eye is fixed on Rivendell. And Saruman you tell me has betrayed us. Our list of allies grows thin."

Gandalf: "His treachery runs deeper than you know. By foul craft Saruman has crossed Orcs with goblin-men, he's breeding an army in the caverns of Isengard. An army that can move in sunlight and cover great distance at speed. Saruman is coming for the Ring."

Elrond: "This evil cannot be concealed by the power of the Elves. We do not have the strength to fight both Mordor and Isengard!"

[Gandalf moves away, deep in thought.]

Elrond: "Gandalf, the Ring cannot stay here."

[Gandalf stands at Elrond's window, looks out and sees a group of new arrivals in the garden.]

[A man, an Elf and companions, and a party of Dwarves all dismount and stare around in wonder.]

Elrond: "This peril belongs to all Middle-Earth. They must decide now how to end it."

Elrond: "The time of the Elves is over — my people are leaving these shores. Who will you look to when we've gone? The Dwarves? They hide in their mountains seeking riches — they care nothing for the troubles of others."

Gandalf: "It is in Men that we must place our hope."

Elrond: "Men? Men are weak."

[Elrond wanders through his house as Gandalf follows. It is a beautiful house, full of wooden paneling and ancient statues and artifacts.]

Elrond: "The race of Men is failing. The blood of Númenor is all but spent, its pride and dignity forgotten. It is because of Men the Ring survives. I was there Gandalf. I was there three thousand years ago…"

[Flashback to Isildur slicing the Ring off Sauron's hand and holding up the Ring.]

Elrond: "… when Isildur took the Ring. I was there the day the strength of Men failed."

[Elrond and Isildur stand on the slopes of Mount Doom. The volcano roars and gushes fire above them.]

Elrond: "Isildur — hurry. Follow me."

Elrond (voiceover): "I led Isildur into the heart of Mount Doom, where the Ring was forged, the one place it could be destroyed."

[Elrond stands near the cracks of Doom, on the same spot where Sauron first held up the One Ring in triumph.]

Elrond: "Cast it into the fire!"

[Isildur looks at the Ring in his hand. The Ring whispers to him.]

Elrond: "Destroy it!"

Isildur: "No."

[Isildur walks away.]

Elrond: "Isildur!"

Elrond (voiceover): "It should've ended that day, but evil was allowed to endure."

Elrond: "Isildur kept the Ring. The line of kings is broken. There is no strength left in the world of Men. They're scattered, divided, leaderless."

Gandalf: "There is one who could unite them, one who could reclaim the throne of Gondor."

Elrond: "He turned from that path long time ago. He has chosen exile."