We’ve been betrayed! To think I ever trusted Annatar! I can’t believe I did not see him for who he was! Sauron, the highest of Maiar in the service of our greatest foe! It was not long ago that his Master desired my grandfather’s Silmarils. Now his successor wants my Rings!
This is not how it was supposed to be. These rings were supposed to help heal the hurts of Middle-earth. Now I fear if I do not act quickly they will be used to subjugate the wills of all living things. But I cannot destroy them all! I fear I do not have time. Therefore I must send away the three greatest of the rings. I must send them where Sauron still fears to go. But to whom? I will send Narya to Cirdan, for maybe he can make use of it. The greatest, Vilya, I shall send to Gil-galad, for his land may suffer many hurts when Sauron attacks. And Nenya, I will send to Galadriel, for she also may make some use of it. But those I have not given out I must attempt to scatter, and those I cannot hide I must destroy. Quickly! You! Take these boxes to the names inscribed. Stop for no one and give them to no one else!
Now begins the greatest work. My smiths and I shall arm ourselves, and when Sauron comes to claim the rings we could not destroy, he shall pay a bitter price for each one!