Which point in the reaction profile below represents an intermediate?

Question

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An intermediate is a species that is formed in the reaction but is then consumed in a later step. In the given reaction profile, point III represents an intermediate as it is formed in the exothermic reaction and then consumed in the endothermic reaction to form the final product. The other points (II, IV, and V) are transition states, which represent the highest energy points along the reaction pathway.

Which Point in the Reaction Profile Below Represents an Intermediate