PITR archive_timeout Command

Hi,

I have a basic and quick question related to "archive_timeout" command in
PITR.

I've set "archive_timeout" to 1800 seconds (30 minutes) in
"postgresql.conf", which means WAL archives are generated every 30 minutes.
So, if for an example my WAL archives are  generated at the following time:
    9:00 am
    9:30 am
    10:00 am
    10:30 am
    11:00 am, etc.

I specify PITR recovery time at 10:15 am in "recovery.conf".  My question
is, to what time my database is recovered back?  At which stage of the
following my database is reverted back:
    1) Exactly the database was at 10:15 am
    2) Exactly the database was at 10:00 am, because the last WAL archive
before 10:15 am was at 10:00 am.

Regards,
Gnanam
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