   How can the proposition expressed by an utterance of (7) be both true and about Pegasus? The puzzle arises from the observation that if the proposition is true, then presumably it is not about Pegasus since it says that Pegasus does not exist. Conversely, if it is about Pegasus, then Pegasus must exist. But if so, then it cannot be true since it denies the existence of Pegasus. Thus, the puzzle has the form of a dilemma: either the proposition expressed by (7) is false or it is not about Pegasus. At least, the puzzle is generated by the pair of assumptions that ‘Pegasus’ is a proper name and that proper names must have a reference. Is the first assumption right?