{ 1 } - "This entity (the present King of France) has the property of baldness."
{ 2 } - "Someone is presently King of France and is bald, and no one else is presently King of France."

In other words: "Exactly one person is presently King of France, and this person is bald."

Russell's theory of descriptions is a way of paraphrasing out terms like "the" and "a." Its goal is to clarify statements and help to avoid philosophical fallacies.