The microstructure of TiB2-particle-reinforced Ni-Al-Fe matrix composite has been investigated by means of transmission electron microscopy, energy-dispersive X-ray analysis and high-resolution electron microscopy. The dendritic phase is found to be Fe(Ni, Al, Ti), which has a body-centred cubic crystal with lattice parameter a = 1.068 nm. High-resolution images indicate that the Fe(Ni, Al, Ti) phase bonds the matrix very well.