The major 7th arpeggio consists of the chord tones root (1), major third (3), fifth (5) and major seventh (j7) which correspond to the notes A, C#, E and G# in the key of A. In this exercise these tones are sequenced by groups of three (see the slurs in the notation) going downwards with 1, j7, 5, then skipping upwards to the next group starting with the third (3) and so on. This pattern gets repeated till the highest note within a pattern is reached (see measure 2, beat 2).
Going downwards the order of the notes is reversed as the group of three is now played in upwards motion 5, j7, 1 and then skipping to next lower tone of the arpeggio (see measure 2, beat 3).
The major 7th arpeggio exercise is included in the Guitar Lovers Studies PDF or as play along track in the Jamtracks PDF which feature high graphic resolution for printing and integrated sound.