Start with the J in the top left and move anti-clockwise around the shape in an hourglass shape. Letters advance through the alphabet in steps of 11 letters at a time.
Using the letters in the top right circle as a source, add 4 to the numerical values of each letter to give the letters in corresponding segments of the middle circle, and subtract 5 from the values to give the letters in corresponding segments of the bottom circle.
Starting at the top and working down, add 5 to the numerical value of any even numbered letter, and add 7 to the numerical value of any odd numbered letter to give the letters in the space below.