Sm?agol
Master! Master looks after us. Master wouldn't hurt us...
Gollum
Master broke his promise.
Sm?agol
Don't ask Sm?agol. Poor, poor Sm?agol...
Gollum
Master betrayed us! Wicked, tricksy, false! We ought to wring his filthy little neck. Kill him! Kill him! Kill them both. And then we takes the precious... and we be the master!
Sm?agol
The fat hobbit, he knows. Eyes always watching.
Gollum
Then we stabs them out. Put out his eyeses! Make him crawl!
Sm?agol
Yes! Yes! Yes!
Gollum
Kill them both.
Sm?agol
Yes!... No, no! It's too risky, it's too risky.
Gollum
We could let her do it.
Sm?agol
Yes. She could do it.
Gollum
Yes, Precious, she could. And then we takes it once they're dead!
Sm?agol
Once they're dead.
Gollum
Shh...
Sm?agol
[Sm?agol reveals himself for the hobbits]
Come on, hobbits! Long ways to go yet. Sm?agol will show you the way.
Gollum
Follow me.
