The dominant X-ray emission of Seyfert galaxies has the form of a powe
r law of mean photon index 1.9-2.0 which extends to at least 100 keV.
However, recent observations, primarily from ROSAT, have revealed a su
bset of Seyfert galaxies with a qualitatively different X-ray appearan
ce and unusual optical spectra. RE 1034 + 39, first identified in the
ROSAT EUV survey, may be a prototype of this class of AGN. ROSAT and A
SCA X-ray spectra are reported here, showing RE 1034 + 39 to have inte
nse soft X-ray emission, together with an unusually steep 2-10 keV pow
er law of photon index similar to 2.6, with possibly some contribution
from ionized reflection. We speculate that an unusually high accretio
n rate is causing the intense soft X-ray flux, which - in turn - is Co
mpton cooling the hard photon source, giving the observed steep spectr
um at higher energies, The strong soft X-radiation may also be ionizin
g the disc and inhibiting the formation of the optical broad-line clou
ds. We point out the similarity of RE 1034 + 39 to the 'high'-state sp
ectra from the Galactic black hole candidate binary systems such as Cy
g X-1.