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I have a meter that appears to be an M2 according to the above catalog. However, there is a flag printed to the left side of the remainder of the meter. Is it possible that this is the same number?
Yes, in all liklihood it is the same number. (You can post a scanned image of it for us to see, if you want to be sure.)
Most modern meters typically provide this "feature" that may be turned on or off as the user may desire. The images can range from a generic flag or greeting such as "Happy Holidays" to customized logos and/or slogans for any given company.
It dresses up the mail and provides a means of self promotion for a company or organization if the meter imprint is on a large enough envelope. On the negative side, it uses more ink also takes up much more space on a piece of mail so they do not often look appropriate on smaller pieces (i.e. not recommended for 6-3/4" envelopes) or on parcels where labels must be attached. Since meter labels can be very expensive, most companies would prefer to save on consumables (labels) rather than add any extra imprint to the meter itself.