[Solution by Dr. Abubacker] $\text{Eu}^{2+}$ is a reducing agent (it tends to become $\text{Eu}^{3+}$); $\text{Lu}^{3+}$ ($4f^{14}$) and $\text{Ce}^{3+}$ are stable and not oxidising. $\text{Tb}^{4+}$ readily gains an electron to form $\text{Tb}^{3+}$ and is the strongest oxidant. (Medium confidence: answer follows the official key.) Answer (2).