- Frodo wakes up in a comfy bed, alive and almost well apart from the whole "carrying a wound with him for the rest of his life" part.
- He greets Gandalf (who tells us of his escape on the back of a giant eagle), Elrond, and his hobbit pals.
- He sees Sam packing and they decide that, as much as they wanted to see the elves, they both miss the Shire and are ready to go home.
- Bilbo is there too (and looking rather old). Frodo says that his adventure didn't turn out like Bilbo's, and that he's not like him.
- Then Elrond and Gandalf discuss all the evil brewing. Elrond says that Rivendell cannot defend against both Mordor and Isengard. The Ring cannot stay.
- Elrond tells us that the age of the elves is over; they are leaving Middle-earth.
- Gandalf says they will turn to men but Elrond thinks men are weak. He was there when Isildur failed to destroy the Ring and kept it for himself.
- Gandalf suggests there is one man who could reclaim the throne of Gondor and reunite men…who could it be?