Mutual exclusion and Bounding waiting is satisfied here, progress not.
Mutual exclusion because no two processes can enter critical section at the same time. If one process is in the critical section, then other has to wait.
Bounding waiting because when a process shows the interest to go into the critical section then there is bound on the number of time other processes can go into the critical section and that is 1. (Process is already in the critical section).
Progress is not satisfied here because when both the process execute Flag[i] = true and got preempted then both the processes waiting for each other to release the flag. Which is not going to happen without entering the critical section. So They will wait for indefinite time, No progress. This situation is called "Deadlock".