I was doing a spectroscopy problem, and on the NMR spectrum a peak at around 4.4 with 2 H says "exchanges with D2O". What does this suggest?

The article below in Wikipedia explains the H/D exchange as it relates to amide links in peptides. The NMR spectrum helps you locate those amide H's which can be easily replaced by the deuterium atoms in D2O.

http://en.wikipedia.org/wiki/Hydrogen-deuterium_exchange