Hi Lancscapo, sorry just spotted your post (usually troll over on the 2014-16 forum).
I find it easier to unscrew the three fasteners and remove the cover from the 90deg bend so that the hex head bolts holding the rotating bend joint are accessable.
With these loosened you can undo the main muffler bolt and select another hole to raise/lower the muffler. Make sure you re-tension the elbow joint bolts and try to 'feel' that they seat the gasket evenly (usually only loosen them just enough to allow the muffler to rotate).
Note that with the muffler in the low position (for panniers) and running that useless OEM Dunlop 180/55 tyre, you may scrape the alloy cover and centre stand with hard cornering.
I usually run with the muffler 'up' as it looks great, but recently read a post where the guy had drilled a hole 'in between' the two options - this allows the muffler to clear panniers, and look good without ever needing to be moved again - but it was a bit of a job drilling that metal and filing etc etc .......phew......but I did it and the mid setting is fine......but it might not be worth the effort - that bracket is tough to drill.
Cheers mate....happy xmas from Australia
Ps I have the 190/55 Pilot Road 4 on my TP and can vouch for the improved handling and ground clearance in corners.......36,000kms and counting
