Abstract: The properties of the shape memory behaviour of Ni-rich binary NiTi are strongly dependant on the thermal history of the material. In this respect the changing of transformation temperatures of the underlying martensitic transformation and the occurrence of multiple step transformations are the most important phenomena. Part of the explanation is found in the presence of Ni4Ti3 precipitates in the B2 matrix after particular heat treatments. The formation of these precipitates changes the Ni concentration of the matrix and induces a strain field, with both of these aspects expected to be of importance. In this work atomic resolution and analytical TEM (transmission electron microscopy) techniques are used to obtain quantitative information concerning these two main features. Furthermore, the known structure of Ni4Ti3 is refined by a least squares optimization of quantitative electron diffraction data. The high-resolution TEM results show that there are strains up to 2% in the matrix surrounding the precipitates and they gradually increase until a maximum is reached when moving away from the interface. Analytical results reveal a global decrease of Ni content in the matrix when sufficient precipitates are present and a gradient in their close vicinity. The refinement of the structure shows atomic displacements, thereby increasing our understanding of the shrinking of the precipitate lattice with respect to the matrix.