This papyrus preserves a poem which was used as a writing exercise. The teacher has supplied a model for the student and the student's task is to copy the model. Lines 1-4 are very legible, and written by someone who has good handwriting. Line 5 is a real mess, though. This is where the student, Eutychides, has begun to copy what is written above. In this case, he has failed to complete his task. He stops copying the poem before finishing the first verse.
Below the poem is the student's signature, revealing that his name was Eutychides. The student's name is written in a much more fluid hand than that of the rest of the poem, reflecting a greater amount of practice given over to the writing of his own name. Since his name is written in capital letters, it is probably the case that he was still learning cursive.
It is also noteworthy that in the original Greek, the names are in alphabetical order. Thus, Althaia, Bebrykes, and Gorgon are the first words of each line, and a partially preserved fourth line begins with the word 'desmios'. In the Greek alphabet, there is no letter "c", just "k". But "g" moves up to take its place, and several other letters are switched from what we know today. In Greek, the alphabet begins "a,b,g,d,e,z...". So what we see here was clearly the beginning of a long string of mythological summaries, arranged according to alphabetical order.

First hand (relatively neat):
Ἀλθέη Μελέαγρον ἀπώλεσεν νηλέι δαλῷ.
Βεβρύκων τὸν ἄριστον Ἄμυκον ἔλε[ν Πολυδεύκης.]
Γοργόνος ἐνομόρου καιφαλὴν ἀμήσατο Περσεύς.

Second hand (much messier):
Ἀλθέη Μελέαγρον ἀπώλεσεν νηλέι… (writing breaks off)

Signature (second hand, uppercase, better handwriting):
ΕΥΤΥΧΙΔΟΥ ΚΑΛΟΠΟΥ