This is a more difficult utterance because the meaning of the word "’Iȝr.w" is not clear so the perspective and context are not fully defined. I'd guess it is in reference to "sopdu" but the way Mercer translates it makes it appear to be sekhmet instead. There are a few other possibilities and meaning is highly dependent on this word most likely. It appears to be a ritual read at the very beginning of pyramid building season on the second epagomenal day.

I really hesitate to say much because meaning might be very different after it is completely solved.

Utterance 308.

487a. To say: Greetings to thee, O Horus, in the regions of Horus;

Probably all the regions of horus from the quarry to the "Land of Rainbows". The speaker is recognizing the existence of horus in all his guises.

487b. greetings to thee, O Set, in the regions of Set;

These are the places that set exists from the mn-canal in the mehet weret through the winding watercourse and all the way to marsh of offerings and the related industry.

487c. greetings to thee, O ’Iȝr.w, in the Marshes of Reeds;

?

488a. greetings to you, ye two harmonius (goddesses), daughters of the four gods, who dwell in the great palace (Heliopolis),

These are isis and nephthys who oversee the two boats tied together. One goes up and the other goes down the exact same amount always in maat. The four "parents" are shu (upward), tefnut (downward), nut (sky), and geb (earth). They are daughters of the earth because they exist in the sky and of the sky because they build the earth. A "palace" is the place a god works.

488b. ye who are come forth at the voice of N., naked.

The "voice" of N is the water into which he has been transmogrified. They are naked, without pretense.

489a. N. has looked to you, as Horus looked to Isis;

Horus (the stone) is dependent and relies on isis (counterweight).

489b. N. has looked to you, as the Nḥb.w-kȝ.w (serpent) looked to Śrḳ.t-ḥtw;

The ventilation of the pyramid is dependent on the action of the northern counterweight.

489c. N. has looked to you, as Sebek looked to Neit;

Sebek is dependent on the lifting of supplies.

489d. N. has looked to you, as Set looked to the two harmonius (goddesses).

Set is dependent on the harmonious goddesses and their discharges.

In each case the latter can't exist without the former, as well. The former looks to the latter in reverence and "thanks".