Maximilian de Gaynesford has argued against the standard view that the reference of the first-person pronoun ‘I’ is determined by a rule linking the referent to some feature of the context of use. In this paper, we argue that de Gaynesford's arguments are inconclusive. Our main aim, however, is to formulate a novel version of the reference rule for ‘I’. We argue that this version can deal with several problematic cases. Our strategy involves analysing the so-called agent of the context (...) as the person responsible for a particular speech act. From this analysis, we exclude a particular class of uses of ‘I’, uses that we believe are best understood as demonstrative. (shrink)