Frodo: Bilbo! Bilbo!

(Frodo sees the Ring on the floor and bends down to pick it up. He then notices Gandalf sitting by the fireplace)

Gandalf: My precious… Precious…

(Frodo walks over to Gandalf)

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

(he stops besides Gandalf, the Ring in his hand)

Frodo: Gandalf?

Gandalf: Hmm. (he sees the Ring in Frodo’s hand) Bilbo's Ring. He's gone to stay with the elves. He's left you Bag End…
(he get’s out and envelope, holding it up to Frodo who puts the Ring in it. He seals it and gives the envelope to Frodo)
…along with all his possessions. The Ring is yours now. Put it somewhere out of sight.

(Gandalf gets his hat and staff and makes for the door)

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 turns and looks at Frodo)

Gandalf: Neither do I. Keep it secret. Keep it safe.

(Scene cuts to an aerial view of Barad'dur and an erupting Mt. Doom in the distance. Among the sound of clanging blades, a shrill moan cries out.)

Gollum: (in severe pain) Shire! Baggins!

(Mt. Doom explodes and scene switches to Minas Morgul where the Nazgûl ride out. Gandalf rides over a hill near Minas Tirith and watches