First we look at the case on the left hand side. E1 is connected to the positive electrode, the cathode, indicating that it is being reduced. E3 is connected to the negative electrode, the anode, indicating that it is being oxidised.
So what we know is that E1 is oxidising E3, hence E1 is the stronger oxidant and thus has the higher standard electrode potential.
Now we move across to the case on the right hand side, where we have an electrochemical cell made up of an E1 half cell and an E2 half cell.
E1 is connected to the negative electrode, the anode, indicating that is is being oxidised. E2 is connected to the positive electrode, the cathode, indicating that is is being reduced.
So what we know is that E2 is oxidising E1, hence E2 is the stronger oxidant and thus has the higher standard electrode potential.
So from case 1: E1 has a higher standard electrode potential than E3.
From case 2: E2 has a higher standard electrode potential than E1.
Let's construct a small electrochemical series:
E2
E1
E3
Hence the values of the electrode potentials in order from highest to lowest is: E2, E1, E3, which corresponds with option C.