  The Narrow Line Seyfert 1 galaxy NGC4051 shows unusual low flux states,
lasting several months, when the 2-10 keV X-ray spectrum becomes unusually hard
(photon index<1) while the spectrum at lower X-ray energies is dominated by a
large soft excess. A Chandra TOO of the low state has shown that the soft
excess and hard components are variable and well-correlated. The variability of
the hard component rules out an origin in a distant reflector. Here we present
results from a recent XMM-Newton TOO of NGC4051 in the low state, which allows
a much more detailed examination of the nature of the hard and soft spectral
components in the low state. We demonstrate that the spectral shape in the low
state is consistent with the extrapolation of the spectral pivoting observed at
higher fluxes. The XMM-Newton data also reveals the warm absorbing gas in
emission, as the drop in the primary continuum flux unmasks prominent emission
lines from a range of ion species.
