Left Hand Fingering:
Play the first 4 notes using LH fingering 1-3-4-1. On the 4th note (B on the G string) slide your finger up the neck to the 7th fret (D on the G string) Once in that position the last 4 notes should be fingered 1-3-4-1 also. On the last note (B on the E string) slide your first finger back to the beginning and repeat!
Right Hand Fingering
Of course, the RH fingering is the purpose of this lesson, but it is very simple. On the ascending measure, sweep your RH thumb down across each string, playing each note cleanly. Your LH should now slide up to the 7th fret) Now use your RH 1st finger to sweep back down the strings, playing each descending note cleanly.
The key to this exercise is that all 4 ascending notes are on different strings so the notes can all be played by sweeping in one direction. The same is for the descending notes. There are many more difficult examples that require changing sweeping directions more frequently, but I'll save that for another day.
This Exercise does not sound that great through PC speakers. What makes this exercise shine is when you play it on a real bass, and can hear the notes flow together. Of course after your technique improves playing it really fast sounds, and even looks very impressive!