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We present a deep (~5.8 days) 0.3-2 keV high-resolution spectrum of NGC1365,collected with the reflection grating spectrometer (RGS) on board XMM-Newton.The spectrum is dominated by strong recombination lines of He- and H-liketransitions from carbon to silicon, as well as by L transitions from FeXVII.The continuum is strong, especially in the 10 to 20 Angstrom, range. Formalfits require two optically thin, collisionally ionised plasma components, withtemperatures ~300 and ~640 eV. However, they leave the bulk of the forbiddencomponents of the He-alpha OVII and NVI triplets unaccounted for. Thesefeatures can be explained as being produced by photoionised gas. NGC1365 istherefore the first obscured AGN, whose high-resolution X-ray spectrum requiresboth collisional ionisation and photoionisation. The relative weakness ofphotoionisation does not stem from the intrinsic weakness of its AGN, whoseX-ray luminosity is ~10^{42} erg/s. We suggest that it may instead come fromthe line-of-sight from the active nucleus to the NLR being blocked by opticallythick matter in the broad line region, at the same time responsible for thelarge observed variation of the column density obscuring the X-ray activenucleus. Alternatively, NGC1365 could host a remarkably luminous nuclearstarburst when compared to the AGN accretion power [abriged].

AGN/starburst connection in action: the half million second RGS spectrum of NGC1365