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Multi-step martensitic transformation in Ni50.6at.%-Ti alloy was studied by means of differential scanning calorimetry and electron microscopy methods. The alloy was subjected to 10% deformation after solution treatment and then annealed at 673 K for different times. The time evolution of the multi-step transformation is explained in terms of the complex alloy structure and non-homogeneity of the precipitate distribution in the matrix.