  We report on the results of a series of X-ray observations of the transient
black hole candidate XTE J2012+381 during the 1998 outburst performed with the
BeppoSAX satellite. The observed broad-band energy spectrum can be described
with the superposition of an absorbed disk black body, an iron line plus a high
energy component, modelled with either a power law or a Comptonisation tail.
The source showed pronounced spectral variability between our five
observations. While the soft component in the spectrum remained almost
unchanged throughout our campaign, we detected a hard spectral tail which
extended to 200 keV in the first two observations, but became barely detectable
up to 50 keV in the following two. A further re-hardening is observed in the
final observation. The transition from a hard to a soft and then back to a hard
state occurred around an unabsorbed 0.1-200 keV luminosity of 10^38 erg/s (at
10 kpc). This indicates that state transitions in XTE 2012+281 are probably not
driven only by mass accretion rate, but additional physical parameters must
play a role in the evolution of the outburst.
