I used pencils to mark the screw locations in the picture.  Note also that in the picture, the fender trim piece is lying atop the liner.  The trim piece is flipped over to show the studs.  The studs go through holes in the fender lip and the fender liner halves (there's a front liner piece and a rear liner piece).

Here's a better picture of the trim piece (one of the studs is missing from mine).