This exercise focuses on fingerpicking with the melody voice on the lower strings while the higher strings add fill. This is another classical song that is worth learning - Malaguena. The melody is on the low E and A strings. This song is in 3/4 time with a triplet feel between the melody and the high string fill notes. Overall though, the fingerpicking is steady and consistent without any breaks in it.
The main challenge with the melody on the lower notes is not letting the higher notes dynamics (loudness) overpower the lower notes. It can be difficult to pluck louder with the thumb while laying back with the 1st and 2nd fingers on the high E and B. Let all of the notes ring out and play smoothly but focus on having the melody stand out while playing.