Each the flags is wrongly placed. The order of precedence for the various places ( marked in red) and the comments below will explain why this is so.
 

                                                    First        Second            Third        Fourth
                                                       I                  I                    I                I
 

				Option A
	Podium	Guests

All national flags must be of the same size and flown from poles of the same height

First place  is for the host country.

Second place goes to the remaining national flags in alphabetical order ( in English or French, depending on the location of the event). France takes this place.

Third place   must therefore go to Panama.
 

Fourth place  goes to the State Flag of South Carolina ( but it must be no larger than the national flags, nor flown from a higher staff.)