A great way to warm up your hand at the beginning of a practice session or before a performance.
Notes: Simply play with each finger consecutively on each string. For example, start on the low E string (the lowest sounding string: closest to your face!). Start up the neck, say at the 7th fret, with your first finger (the frets are closer together higher up the neck). You can also make it into an alternate (up/down) picking exercise. Remember to do it backwards, as well (from the top E string, starting on your little finger). Then, take it down a couple frets and repeat. As you progress toward the nut, the frets get farther apart, so you have to stretch your fingers apart. The goal is not to go fast, but to play to a consistent tempo (use a metronome!), cleanly and in a relaxed way.
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