The * indicates where you need to repeat your work. The instruction you have here is not quite completed and I can't really show you how to do the whole thing.
I'm going to use your example above and my made up pattern to show you what the pattern wants you to do.
For Example, If the pattern says, K2, *p3, yo; repeat from * to last 2 sts, k2. then you need to do;
K2, then p3, yo and then Keep repeating p3 and yo until you reach the last 2 sts, then k2.
Here is another example;
K2, *P3, yo; rep from * to end. This one you will do K2, then p3, yo and repeating p3, yo until the end of row or round.
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