Watch the The 80's online guitar lesson by Angus Clark from Essentials: Rock Rhythm Unplugged

The first choice we're making here is to use the capo on the third fret so that we have a C bass note that we can use as a pedal tone. The first section is just triads moving over the C bass note: C-G-F. The second section is full chords and the bass notes start moving: Bb-F-C-G.