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The Narrow Line Seyfert 1 Galaxy 1H0707-495 went in to a low state from 2010December to 2011 February, discovered by a monitoring campaign using the X-RayTelescope on the Swift satellite. We triggered a 100 ks XMM-Newton observationof the source in 2011 January, revealing the source to have dropped by a factorof ten in the soft band, below 1 keV, and a factor of 2 at 5 keV, compared witha long observation in 2008. The sharp spectral drop in the source usually seenaround 7 keV now extends to lower energies, below 6 keV in our frame. The 2011spectrum is well fit by a relativistically-blurred reflection spectrum similarto that which fits the 2008 data, except that the emission is now concentratedsolely to the central part of the accretion disc. The irradiating source mustlie within 1 gravitational radius of the event horizon of the black hole, whichspins rapidly. Alternative models are briefly considered but none has anysimple physical interpretation.

1H0707-495 in 2011: An X-ray source within a gravitational radius of the event horizon