Start removing the fasteners from the bottom up. Start with the bolt near the left rearset and work your way up and toward the front of the bike. Once all the metal fasteners are removed, move on to the sheltered area beneath the headlight and above the front fender. The black inner fender is secured to the side panel with black plastic pop rivets (3 or 4 of them). Push inwards firmly on the center circle of each pop rivet (I like to use a 3mm allen key) and it'll pop and release. At this point the entire side panel (along with the matte black trim piece) should be loose but still connected by fragile tabs that interlock with the middle side panel above the one you're trying to remove. Carefully start with the intersecting corner below your left knee. You'll notice that there's a small tab that inserts from 1 panel to the other. The other tabs are along the top edge and they all hook from 1 panel to the other. Work your way towards the front of the bike and the last tab will be part of the matter trim piece underneath the headlight.
That's my best explanation. Very confusing, but hopefully it all makes sense when you're looking that parts.
Oh, it looks like you've circled a combination of both the lower side panel, the matte plastic trim piece as well as the middle side panel.
My post above details removal of the lower side panel and trim but not the mid side panel.
To remove the mid side panel the additional steps require removing the windshield, the dash panel (1 bolt, 1 pop-rivet and a plug into a rubber bushing that you can't see on the bottom side of the dash), the mirror and the signal plug.