Set My Mind At Ease On EXISTS

SELECT
[List1].[TITLE],
[List1].[FORENAME],
[List1].[SURNAME],
[List1].[JOB]
FROM List1
WHERE EXISTS(
SELECT [List2].[forename] FROM [List2]
WHERE [List2].[forename] = [List1].[FORENAME]
AND [List2].[surname] = [List1].[SURNAME]
AND [List2].[email] = [List1].[EMAIL]
)


I am on the right track here, aren't I?

That query will.. sort of... loop through List1, get the "current" records firstname, surname and email, and then go and see if there's any single record in List2 that contains exactly that combination of values in those fields. It's a stupid question but I'm not the brightest of sparks and BOL leaves me even more confused. I'm just worried in case it's going "well, record 34 matches the current firstname and record 96 matches the current email, so EXISTS returns true".

Assuming I've got it right, though - many of the records that I know to be duplicates have a NULL email address. And the query above seems to be automatically removing them. If there's a record in both List1 and List2 with identical firstname and surname, and both have NULL email addresses - should the query above pick it up? If not, how can I include those records?