Polycrystalline ultrafine-grained Co/Cu/Co films produced by magnetron sputtering have been studied. The effect of annealing on the bilinear and biquadratic components of indirect exchange energy of the films has been investigated. It was found that the changes in the structure such as changes in the grain size and in the period and amplitude of surface roughness or the formation of magnetic bridges in nonmagnetic spacers affect the components of indirect exchange coupling and magnetoresistance.