Experiments to gain mechanistic insight into catalytic H/D exchange of unactivated arenes by [( i Pr 3 P)-Ni] 5 H 6 (1) are described. The reaction order with respect to 1, arene substrate, and added i Pr 3 P were determined, as well as the temperature dependence of reaction rate. Site-selectivity data were obtained by monitoring the reaction of 1 with fluorobenzene and 2-methoxynaphthalene. H/D exchange competition reactions between arenes reacted with 1 were performed. The addition of an excess of Hg to a solution of 1 provided the new heterometallic cluster [( i Pr 3 P)Ni] 5 H 6 (μ 4 -Hg) (2); this species also undergoes H/D exchange with C 6 D 6 , albeit more slowly than 1. Reaction of cluster 1 with TlCp (Cp = C 5 H 5 ) gave (η 5 -Cp)Ni[( i Pr 3 P)Ni] 4 (μ 2 -H) 4 (μ 4 -Tl) (3) with the loss of H 2 . A similar transfer of cyclopentadienyl to Ni occurred when 1 was reacted with MgCp 2 , to give (η 5 -Cp)Ni[( i Pr 3 P)Ni] 4 H 6 (μ 4 -MgCp) (4), but not H 2 loss. Reaction of 1 with cyclopentadiene gave the 5-coordinate hydride complex (η 5 -Cp)Ni[( i Pr 3 P)Ni] 4 (μ 2 -H) 4 (μ 5 -H) (5). The Cp* analogue, (η 5 -Cp*)Ni[( i Pr 3 P)Ni] 4 (μ 2 -H) 4 (μ 5 -H) (6) (where Cp* = C 5 Me 5 ), was synthesized by reacting 1 with LiCp* in THF, or by reaction of 1 with pentamethylcyclopentadiene.