Watch the Putting It All Together online guitar lesson by Dave Celentano from Classical Concepts for Rock Guitar
Try making your arpeggios sound less like an exercise and more musical by mixing up the notes in interesting combinations as demonstrated in the video. First, learn and master each arpeggio idea individually, then begin the assembling process by focusing only on the first two arpeggios - Am and Dm. The transition from Am to Dm must be flawless before adding the next arpeggio. Continue this process until you've completed the entire example.