Here's something to get you started, based on the tried and tested tikzmark idea- you'll see it used in lots of answers on this site, originally published in Adding a large brace next to a body of text

% arara: pdflatex
% !arara: indent: {overwrite: on}
\documentclass{article}
\usepackage{amsmath} % loaded automatically by beamer
\usepackage{tikz}
\usetikzlibrary{positioning}
\tikzset{>=stealth}
\newcommand{\tikzmark}[3][]{\tikz[overlay,remember picture,baseline] \node [anchor=base,#1](#2) {#3};}
\begin{document}
\begin{equation*}
\mathcal{A} = (\,\tikzmark{identity}{\texttt{I}} -\tikzmark[red]{G}{\texttt{G}}\,\,\,
\tikzmark[blue]{L}{\texttt{L}} - \tikzmark[purple]{C}{\texttt{C }}\,)
\end{equation*}
\begin{tikzpicture}[overlay, remember picture,node distance =1.5cm]
\node (identitydescr) [below left=of identity ]{words};
\draw[,->,thick] (identitydescr) to [in=-90,out=90] (identity);
\node[red] (Gdescr) [below =of G]{other words};
\draw[red,->,thick] (Gdescr) to [in=-90,out=90] (G);
\node[blue,xshift=1cm] (Ldescr) [above right =of L]{some words};
\draw[blue,->,thick] (Ldescr) to [in=45,out=-90] (L.north);
\node[purple] (Cdescr) [below right =of C]{more words};
\draw[purple,->,thick] (Cdescr) to [in=-90,out=90] (C.south);
\end{tikzpicture}
\end{document}