We start off at a higher energy. At each step of the chain, a redox reaction occurs, and you see NADH entering at the top of this electron transport chain, and redox reaction releases NAD. Here's FADH two entering at a slightly lower energy level. Again, redox chemistry, it's oxidized FAD. Each of these Roman numerals 123.4 is a multi protein complex, carrying out these reactions. At the end, we have water being released because oxygen is the final electronic acceptor, and we have the product being released from this chain is water.