Here, we describe a dual spin valve structure with distinct switching fields for two pinned layers. A device with this structure has a staircase of three distinct magnetoresistive states. The multiple resistance states are achieved by controlling the exchange coupling between two ferromagnetic pinned layers and two adjacent antiferromagnetic pinning layers. The maximum magnetoresistance ratio is 7.9% for the current-perpendicular-toplane and 7.2% for the current-in-plane geometries, with intermediate magnetoresistance ratios of 3.9% and 3.3%, respectively. The requirements for using this exchange-biased stack as a three-state memory device are also discussed