Play with even eighth note rhythm.

------------------|----------------|----------------|-----------------
----5-4-5-2-5-4-5-|--5-4-5-2-5-4-5-|--5-4-5-3-5-4-5-|--5-4-5-3-5-4-5--
--2---------------|----------------|4---------------|-----------------
------------------|2---------------|----------------|2----------------
------------------|----------------|----------------|-----------------
------------------|----------------|----------------|-----------------

------------------|----------------|----------------|----------------|-5--
----5-4-5-3-5-4-5-|--5-4-5-3-5-4-5-|2-5-4-5---5-4-5-|--5-4-5---5-4-5-|-5--
--1---------------|----------------|--------2-------|----------------|-2--
------------------|2---------------|----------------|2---------------|-2--
------------------|----------------|----------------|--------4-------|-0--
------------------|----------------|----------------|----------------|----

A few people have emailed me wondering if I could suggest an exercise that 
concentrates on independence between the third and fourth fingers. This 
classical exercise is great for that. It's also good for the right hand.
The exercise is supposed to be played with right hand fingers and thumb
(p,a,m,i throughout) but it's great when using a pick too. 
Try to alternate pick this (down and up strokes) and stay in the second 
position on the fret board. If you're fingering this correctly, you should 
be using the 3rd and 4th fingers for anything played on the fourth and fifth
frets, with the exception of the C# note (4th fret, 5th string) in the second
last measure. Play that with your 2nd finger.