Step 1: Understanding displacement current.
Displacement current is a concept introduced by Maxwell and is associated with a time-varying electric field. The displacement current density is given by
\[
J_d = \varepsilon_0 \frac{\partial E}{\partial t}
\]
Thus, displacement current exists only when the electric field changes with time.
Step 2: Examine Region I.
In Region I,
\[
E_x = E_0 \sin (kz - \omega t)
\]
This electric field depends on both position $z$ and time $t$. Since it contains the term $\omega t$, the electric field varies with time. Therefore,
\[
\frac{\partial E}{\partial t} \neq 0
\]
Hence displacement current exists in this region.
Step 3: Examine the remaining regions.
Region II:
\[
E_x = E_0
\]
This is constant and does not vary with time, so
\[
\frac{\partial E}{\partial t} = 0
\]
Region III:
\[
E_x = E_0 \sin kz
\]
This depends only on position $z$ and not on time.
Region IV:
\[
E_x = E_0 \cos kz
\]
Again, this depends only on position and not on time.
Therefore, in Regions II, III and IV the electric field does not change with time, so no displacement current exists.
Step 4: Conclusion.
Displacement current exists only where the electric field varies with time, which occurs in Region I.
Final Answer: I.