Note, that in old times unit for measuring capacity was length, i.e. m (meter) or cm.
It meant the capacity of a spherical capacitor of the radius \$R\$ (one plate is thought as a conducting sphere of radius \$R\$; the other plate is far away (i.e. at infity)).
Its capacity is proportional to its radius:
1cm \$\approx\$ 1.11265pF,
1m \$\approx\$ 111.265pF
Though .01m \$\approx\$ 1pF seems to be a too small value for the capacitor shown in your picture.
This was meant as serious answer.
See e.g. following references:
After plausibility checking the resulting capacity value I don't think, however, that this fact applies to the given component: the spatial size of the component is much to big; and 1pF is a capacity value much too small for such a component (see my remark given in the original answer above).
Also the fact that it is an upper case M and printed in parenthesis can be a hint that it doesn't mean physical unit "meter".
I guess actually the unit is µF (without any hints printed on the capacitor; so it is a 0.01µF = 10nF capacitor) and "(M)" indicates the tolerance (as EinarA) noted.