Step 1: Identify the functional groups on the benzene ring.
The compound has three groups: \( -OH \) (hydroxyl), \( -NH_2 \) (amino), and \( -CH_3 \) (methyl).
Step 2: Determine the principal characteristic group.
In IUPAC priority order, \( -OH \) on benzene is chosen as the principal group. The parent compound is phenol, with \( -OH \) at carbon 1.
Step 3: Number the ring to give lowest locants.
Carbon 1 carries \( -OH \). Numbering to give the lowest locant set places \( -NH_2 \) at C-3 and \( -CH_3 \) at C-5 (locant set {1, 3, 5}).
Step 4: Name the substituents.
\( -NH_2 \) at C-3 is named 3-amino. \( -CH_3 \) at C-5 is named 5-methyl.
Step 5: Combine the name in alphabetical order of prefixes.
Amino comes before methyl alphabetically. Full IUPAC name: 3-amino-5-methylphenol.
Step 6: Match with options.
Option 2 is 3-Amino-5-methylphenol. \[ \boxed{3\text{-Amino-}5\text{-methylphenol}} \]