Exchange bias and interlayer exchange coupling are interface driven phenomena. Since an ideal interface is very challenging to achieve, a clear understanding of the chemical and magnetic natures of interfaces is pivotal to identify their influence on the magnetism. We have chosen Ni80Fe20/CoO(t CoO)/Co trilayers as a model system, and identified non-stoichiometric Ni-ferrite and Co-ferrite at the surface and interface, respectively. These ferrites, being ferrimagnets typically, should influence the exchange coupling. However, in our trilayers the interface ferrites were found not to be ferro- or ferri-magnetic; thus having no observable influence on the exchange coupling. Our analysis also revealed that (i) interlayer exchange coupling was present between Ni80Fe20 and Co even though the interlayer thickness was significantly larger than expected for this phenomenon to happen, and (ii) the majority of the CoO layer (except some portion near the interface) did not contribute to the observed exchange bias. We also identified that the interlayer exchange coupling and the exchange bias properties were not interdependent.