 Solution

Interpret the paired $A,B,C$ disks as the three one-handles of a genus-three handlebody. Attach two-handles on the two displayed $\beta$ curves. Orient the three disk-crossing generators as $a,b,c$. Reading the signed crossings, starting at the upper-left portion of each attaching curve and changing the start point when needed, givesThe first says $abc=bca$ and the second $abc=cab$. Thus the fundamental group presentation isHere $[u,v]=uv{u}^{-1}{v}^{-1}$. Cyclically changing the starting point, reversing an attaching curve, or changing generator orientations gives equivalent presentations. With $h=abc$, these relations make $h$ central; eliminating $c=b^{-1}{a}^{-1}h$ givesFor the topological identification, thicken the diagram's two nested bands and identify the three paired disk mouths. The complement of those bands is the product region of a pair of pants with a circle; its two compressing curves are exactly $[a,bc]$ and $[ab,c]$. Equivalently, the standard cell decomposition of this product has three one-handles and the two commuting two-handle attachments shown. Thus this is a generalized Heegaard diagram of $P\times S^1$.

The Hopf fibration of $S^3$ has three disjoint regular fibers whose removal leaves $P\times S^1$. Its three fibers are the components of the torus link $T_{3,3}$, as is also apparent from the full three-strand twist in the later link diagram. This identifies $Y$ with that link exterior, using the diagram and product structure rather than just its fundamental group. In particular it is a link exterior in the three-sphere.