Well in the first panel, the Witch King of Angmar tells Eowyn that he likes to hula-hoop and has mastered all the moves. Then he lists some moves. This is unexpected, as the Witch King is really only known as a big scary wraith that kills people in his search for the One Ring and hula-hooping is generally associated with light-hearted child play and frivolity. Eowyn expresses this surprise in the second panel, functioning as a stand-in for the reader, asking why she's being told this. In the third panel, the Witch King reveals he's only telling her because he knows no one would believe her when she would inevitably relay the story to someone else. Because who could believe that the Witch King of Angmar enjoys something as benign and whimsical as hula-hooping? Nobody, that's who. This harsh truth distresses Eowyn, as is apparent by her reaction in the final panel, wherein she references the Witch King's presumably ill health and unknown parentage as a personal criticism.

Does that make more sense?