It points to both. It's a pre-determined combination of aperture and shutter speeds that's part of the "trap needle" system that was used in a number of cameras.
In this system, a set of metal jaws literally clamps down on the meter needle to lock exposure. This allows you to meter a specific part of the scene and partially press the shutter release to hold that exposure setting and then recompose before releasing the shutter.
Obviously, it's not a flexible system in terms of creative control and being able to select your own aperture or shutter speed, but it works.