From the perspective of the caster, this slows time to a virtual crawl, giving them two seconds in which to act (the first was spent casting this spell). It does this by means of a temporal distortion field.

The caster will feel very chilly for the duration, due to (relative) decreased molecular motion around them. When the spell ends, they lose 1 FP as freezing damage.

Altered Time Rate 2 [40] 
    Reduced Duration (1/60) [-35%] 
    Costs Fatigue 1 [-6%] 
        Hazard (Freezing) [+20%] 
        Comes at the end of the spell 
    Magical [-10%] 
    Spell Components [-30%] 
        Must say "stop" in Latin 
        Must gesture with hands 
        Must carry an hour glass 
Levels 2+ [+20/level] 
    Increase Altered Time Rate by 1 level [+100 base]