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The Circuit is equivalent to:

1. EX-OR Gate
2. NAND Gate
3. OR Gate
4. AND Gate

The output from first two NOR gates would be $\overline{A},\overline{B}$ respectively(complementing action performed by NOR gates)

From the third NOR gate the output would be, $\overline{\overline{A}+\overline{B}}$  $=$ $\overline{\overline{AB}}=AB$ (using De-morgan's law)

So, output from the fourth NOR gate would be:  $\overline{AB+AB}$ $=$ $\overline{AB}$

Option B is correct.
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moved
Option b is the correct option..

On evaluation,

From above two input nor gate you will get A' and B' then next two input nor gate will give you AB then again through the last nor gate your result will be a'b' that is nand gate.
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