e in end, I'm fairly sure. The two dots only means it should be taken as a distinct syllable, which means that it is pronounced like a normal e, which is e from end. é is a German eh (mehr).
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Utúlie'n aurë! Aiya Eldalië ar Atanatári, utúlie'n aurë! The day has come! Behold people of the Eldar and Fathers of Men, the day has come!
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