It looks like someone is trying to explain how Windows runs an EXE. Since Windows doesn't understand .NET it simply runs the EXE which is a PE file. For non-.NET apps that is it. For .NET apps though the EXE is a stub that starts up the CLR that hosts your app. It looks like this diagram is trying to explain that along with a reference to JIT compilation.
Are you learning .NET? This looks like something someone would use to explain how .NET CLR gets running.