A detailed study of the exchange bias effect and the interfacial electronic structure in Ni/Co3O4(011) is reported. Large exchange anisotropies are observed at low temperatures, and the exchange bias effect persists to temperatures well above the Neel temperature of bulk Co3O4, of about 40 K: to ~80 K for Ni films deposited on well ordered oxide surfaces, and ~150 K for Ni films deposited on rougher Co3O4 surfaces. Photoelectron spectroscopy measurements as a function of Ni thickness show that Co reduction and Ni oxidation occur over an extended interfacial region. We conclude that the exchange bias observed in Ni/Co3O4, and in similar ferromagnetic metallic/Co3O4 systems, is not intrinsic to Co3O4 but rather due to the formation of CoO at the interface.