The exchange coupling field (H(ex)) and the coercive field H(c) of thermally annealed NiMn-superlattice/NiFe/Cu/NiFe spin-valves are 220 and 110 Oe, respectively. However. the magnetoresistance ratio is small due to interdiffusion of NiFe and Cu. The thermal stability of samples with 100 Angstrom of the NiFe layer is better than those with 50 Angstrom or 70 Angstrom of NiFe. The samples were annealed at 300 degrees C for 2 h. The H(ex) and H(c) of [Ni(2.3 Angstrom)/Mn(2.7 Angstrom)](40)-superlattice/NiFe(100 Angstrom)/Cu(30 Angstrom)/NiFe(60 Angstrom) spin-valves increased gradually with the number of annealing cycles, and attained their maximum value for 20 cycles. (C) 1999 Elsevier Science B.V. All rights reserved.