This song cycles through descending chords, and notice how the bass note (lowest note) is thumbpicked twice per chord - once at the beginning and then at the end, just before moving to the next chord. This gives a simple (but effective) bassline to complement the bass guitar. The general fingerpicking pattern for this song is T-1-2-T (per chord). Although there are variations in a few places.

The main chords in this song are (in order of appearance):

T - 1 - 2 - T
C - E - G - C :: C major
B - E - G - B :: E minor (using B for the bass note)
A - C - E - A :: A minor
G - C - E - G :: C major (using G for the bass note)
F - A - C - F :: F major
E - A - C - E :: A minor (using E for the bass note)
D - A - D - D :: D 5 (no 3rd note so is neither major or minor)
C - F - A - C :: F major (using C for the bass note)
G - B - D - G :: G major
F - B - D - F :: G 7 (this is a G major chord with a 'flattened' 7th note)
E - G - B - E :: E minor
D - G - B - D :: G major (using D for the bass note)
C - E - G - C :: C major
F - G - C - E :: F sus 2
G - B - D - G :: G major

This is the chord sequence from the start, up to the first note slides. After that point the chords are largely repeated, so once you can get up to the slides you will already be able to play most of the entire song!

For more info about this ActionTab check out the related article in the Jamzone!