The entropy of activation for the hydrolysis of pentaphenoxyphosphorane in 25% aqueous dioxane is -188 J/mol deg. T h e enthalpy of activation is 22.5 kJ/mol, which is small for the relatively slow reaction. This suggests that the reaction is a multistep process having a preliminary equilibrium with a negative heat of reaction. This conclusion is supported by the results obtained for the hydrolysis of C6H~'OC(CF:~)2C(CFs)20IOCH(CF:1)2]2. A kinetic isotope effect k~* / k~* o of 3.46 was found for the latter reaction. Orders in water were ohtained, and a mechanism of hydrolysis is proposed.