  The face-on spiral galaxy M74 (NGC 628) was observed by XMM on 2002 February
2. In total, 21 sources are found in the inner 5' from the nucleus (after
rejection of a few sources associated to foreground stars). Hardness ratios
suggest that about half of them belong to the galaxy. The higher-luminosity end
of the luminosity function is fitted by a power-law of slope -0.8. This can be
interpreted as evidence of ongoing star formation, in analogy with the
distributions found in disks of other late-type galaxies. A comparison with
previous Chandra observations reveals a new ultraluminous X-ray transient (L_x
\~ 1.5 x 10^39 erg/s in the 0.3--8 keV band) about 4' North of the nucleus. We
find another transient black-hole candidate (L_x ~ 5 x 10^38 erg/s) about 5'
North-West of the nucleus. The UV and X-ray counterparts of SN 2002ap are also
found in this XMM observation.
