But you people are especially chosen [by God]; you are a royal body of priests; you are a nation especially set apart for God's use; you are a people who belong exclusively to God, that you may express the virtues of the One who called you out of darkness [i.e., of sin and error], and into His marvelous light [i.e., righteousness and truth].

These people have been [specially] selected, and [their acceptance was] pre-planned by God the Father, and they were set apart through [the work of] the Holy Spirit. This resulted in their obedience and sprinkling [Note: This is a figurative reference to the Old Testament practice of cleansing, See Exodus 24:7-8] by the blood of Jesus Christ. May God's unearned favor and peace be continually upon you.

but according to the Holy One, who called you [i.e., God], you people also should become holy [i.e., separated for God's service] in all your conduct,

You should serve as shepherds of God's flock [i.e., the church], among whom you minister, providing careful oversight [of the people], not because you feel forced to, but because you want to, as this is in accordance with the way God wants it to be. Do not [serve as elders] simply out of a desire for the income you receive, but because your heart is in it.

These people had disobeyed [Noah's preaching, See II Pet. 2:5] back when God's patience waited [for them to repent, See Gen. 6:3], during the days of Noah, when the ship was being constructed. It was by that means [i.e., the ship floating them to safety through the Flood waters] that a few persons, eight of them, were saved [from destruction] through water.