[iptables] Effect of negating multiple source or dest IPs (-s or -d)

["U.Mutlu" <for-gmane@mutluit.com>]

What's the effect of this rule on a multihomed box
(the IPs below are just some examples, not real):

   iptables -A INPUT ! -d 1.2.3.4,2.3.4.5 -p all -j DROP

Will it drop all packets not destined to both these IPs?
Or will it drop all packets but for the first IP?

Ie. when negating a rule on multiple elements, is then
the result an AND or an OR combination?
Ie. is it then !ip1 AND !ip2, or is it !ip1 OR !ip2 ?  :-)

Man page says this:
   [!] -s, --source address[/mask][,...]
   [!] -d, --destination address[/mask][,...]
     A "!" argument before the address specification inverts the sense of the address. [...]
     Multiple addresses can be specified, but this will expand to multiple rules (when adding with -A),
     or will cause multiple rules to be deleted (with -D).