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Th th th Theta
P p p Pi, including the "omega-shaped" variant ϖ
R r r Rho
S s s s? Sigma, showing both the internal σ and the terminal ς forms
T t t Tau
U u u Upsilon
Ph ph ph ph Phi
Ch ch ch Chi
Ps ps ps Psi
O o o o Omega, the "great O"
AI AU OI EU OU UU Diphthongs in majuscule (capital) forms
as ai au on ei et ll? Common minuscule ligatures; the scribe is demonstrating how letters like 'alpha' and 'iota' merge in cursive script
ou eu au o ou gg Further vowel joins and the double gamma (γγ), which is pronounced as 'ng'

Since the? letters? original: epeidē de tōn grammatōn; the text appears to be transitioning from a list to a formal explanation of the alphabet
... of the ...?
... and ...?
... of the letters ...?
... through ...?
... this ...?
... and ...?
... in the ...?
... of the script ...? original: tēs graphēs; referring to the style of handwriting or the art of calligraphy
... as ...?
... and ...?
... of the ...?

The right column is significantly obscured by water damage and the cramped nature of the minuscule hand. The fragments suggest a technical discussion about the formation of the letters or the history of the script being practiced in the left column.