In which of the given figures is budding not shown?

Budding is the mode of asexual reproduction wherein an outgrowth of part of a cell/body develops into progeny and either gets separated or remains attached to the parent to form a new colony. Option I shows single cells, not budding. Option II shows bud formation and nuclear division. Options III and IV show the chain of cells produced by budding. Therefore, the correct answer is option I.