Two NULL values comparision

If we are comparing two NULL values against the Equal or NOT Equal operators, what will be the ouput?

what will be the output for below code?

declare @v2 varchar(10);
declare @v1 varchar(10);
IF @v1 = @v2
	Print 'EQUAL';
else if @v1 != @v2
	Print ' NOT EQUAL';
else
	Print ' Neither EQUAL nor NOT EQUAL';

Comparison against NULL values will results NULL, but not the TRUE/FALSE..
So the output of the above code will be 'Neither EQUAL nor NOT EQUAL'