This pattern lasts for one full bar in * time and has two alternating bass notes played by the thumb (p) on the 1 and 4 count. Example 302 features 2 bars of Pattern 5 applied to the C and Am chords.
The following chord progression is a Turnaround in the key of C Major and uses fingerpicking pattern 5. Practice this new pattern holding a C chord, then play the entire progression.