  We report the first clear evidence for the simultaneous presence of a low
frequency break and a QPO in the fluctuation power spectrum of a well known
ultraluminous X-ray source (ULX) in M82 using long XMM-Newton observations. The
break occurs at a frequency of 34.2_{-3}^{+6}mHz. The QPO has a centroid at
114.3\pm1.5mHz, a coherence Q~3.5 and an amplitude (rms) of 19% in the 2-10keV
band. The power spectrum is approximately flat below the break frequency and
then falls off above the break frequency as a power law with the QPO
superimposed. This form of the power spectrum is characteristic of the Galactic
X-ray binaries (XRBs) in their high or intermediate states. M82 X-1 was likely
in an intermediate state during the observation. The EPIC PN spectrum is well
described by a model comprising an absorbed power-law (Gamma~2) and an iron
line at ~6.6keV with a width sigma~0.2keV and an equivalent width of ~180eV.
Using the well established correlations between the power and energy spectral
parameters for XRBs, we estimate a black hole mass for M82 X-1 in the range of
25-520Msun including systematic errors that arise due to the uncertainty in the
calibration of the photon spectral index versus QPO frequency relation.
