This next line has a pick-up so it really starts at the end of the last example. You're still on the Em chord at the 7th fret:
Step 1: Visualise part of an A7 chord at the 5th fret. That slides down to an Ab7 and then back up again. I won't put the notes in because it's obvious in the example.:
Step 2: Visualise a D7 chord at the 5th fret and play this arpeggio:
The notes of the example are based round that arpeggio and include a chromatic run-down.