Boxing a null Nullable<_T_>

Nullable types - e.g. int? - are value types that pack an extra boolean flag to indicate whether they have a value or not. A nullable type can also be compared with null to check if it contains a value or not:

int? ni = 10;
if(ni != null) { ... }

Suppose we box a null int?:

int? ni = null;
object oni = ni; // box ni

Would a null int? be boxed to an object on managed heap? You can answer that question by telling what would be the output of below:

Console.WriteLine( oni != null ? "Not Null" : "Null" );