Explanation: When a request is made, the AWS IAM policy decides whether a given request should be allowed or denied. The evaluation logic follows these rules: By default, all requests are denied. (In general, requests made using the account credentials for resources in the account are always allowed.) An explicit allow policy overrides this default. An explicit deny policy overrides any allows. In this case since there are explicit deny and explicit allow statements. Thus, the request will be denied since deny overrides allow.
Reference:
http://docs.aws.amazon.com/IAM/latest/UserGuide/AccessPolicyLanguag…