In the following sequence of reactions:

$\mathrm{M}\stackrel{{\mathrm{K}}_1}{\to }\mathrm{N}\stackrel{{\mathrm{K}}_2}{\to }\mathrm{O}\stackrel{{\mathrm{K}}_3}{\to }\mathrm{P}:{\mathrm{K}}_1<{\mathrm{K}}_2<{\mathrm{K}}_3,$ then the rate determining step is