What does the statement body of this S3 bucket policy do?

{
  "Sid": "bucketpolicy1",
  "Effect": "Allow",
  "Principal": "*",
  "Action": "s3:GetObject",
  "Resource": "arn:aws:s3:::userreports/*",
  "Condition": {
    "IpAddress": { "aws:SourceIp": "68.249.108.0/24" },
    "NotIpAddress": { "aws:SourceIp": "68.249.108.128/32" }
  }
}