Explanation:

COLD is written as ALHY
C- 2 = A
O - 3 = L
L - 4 = H
D - 5 = Y
Similarly, following the same pattern we will get

               I - 2 = G
               R - 3 = O
               O - 4 = K
               N - 5 = I

Hence option 2 is the correct answer.