। ॥ २ ॥
In plain words
You are not the physical body: it is something you perceive; it is born and passes through successive states; it is made of matter; it is impure; and it is impermanent.
Close to the Sanskrit
You are not the body, because it is seen, because it has birth and the states that follow, because it is material, because it is impure, and likewise because it is impermanent.