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 anti-ferromagnetic pinning layers. The maximum magnetoresistance ratio is 7.9% for the current-perpendicular-to-plane 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.