Proof.
Assume (1). Then there exists an element $m \in M$ such that $\mathfrak p$ is minimal among the primes containing the annihilator $I = \{ x \in R \mid xm = 0\} $ of $m$. As localization is exact, the annihilator of $m$ in $M_{\mathfrak p}$ is $I_{\mathfrak p}$. Hence $\mathfrak pR_{\mathfrak p}$ is a minimal prime of $R_{\mathfrak p}$ containing the annihilator $I_{\mathfrak p}$ of $m$ in $M_{\mathfrak p}$. This implies (2) holds, and also (3) as it implies that $\sqrt{I_{\mathfrak p}} = \mathfrak pR_{\mathfrak p}$.
Applying the implication (1) $\Rightarrow $ (3) to $M_{\mathfrak p}$ over $R_{\mathfrak p}$ we see that (2) $\Rightarrow $ (3).
Finally, assume (3). This means there exists an element $m/f \in M_{\mathfrak p}$ whose annihilator has radical equal to $\mathfrak pR_{\mathfrak p}$. Then the annihilator $I = \{ x \in R \mid xm = 0\} $ of $m$ in $M$ is such that $\sqrt{I_{\mathfrak p}} = \mathfrak pR_{\mathfrak p}$. Clearly this means that $\mathfrak p$ contains $I$ and is minimal among the primes containing $I$, i.e., (1) holds.
$\square$
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