Specific activities of Group VIII noble metals supported on Graphon have been determined for hydrogen–water deuterium exchange. Metal surface areas, which are required to calculate specific activities, were measured by hydrogen chemisorption, and by reaction of hydrogen with chemisorbed oxygen. For the second triad metals, ruthenium, rhodium, and palladium, and in the temperature range 140 to 225 °C, the variation of activity was Ru < Rh > Pd. For the third triad metals, osmium, iridium, and platinum, the variation of activities was Os < Ir < Pt in the same range of temperature. Apparent activation energies were measured over this temperature range, and orders of reaction with respect to hydrogen and water were measured at 160 °C (200 °C for Pt). From these data, activation energies for the surface exchange reaction were calculated. In the second triad the activation energies decrease slightly with increasing atomic number, but in the third triad they decrease quite markedly with increasing atomic number. A good correlation was obtained between the activation energy for surface exchange and the thermionic work function of the metal. This supports our earlier suggestion that Graphon is able to donate electrons to the metal and thus lower the activation energy for the surface exchange.