EV stands for Exposure Value. Or length of time the shutter will stay open. There is a set increment of steps to shutter speed. Those steps are:
...1/4, 1/8, 1/15, 1/30, 1/60, 1/125.... roughly each step is a half of the other or double depending what direction your going. Since these set increments were developed cameras have come out with the ability to have even more steps in between those above.
So if you were to set your camera to EV 1/3. The camera would allow 2 more shutter speeds between the ones above. So between 1/30 and 1/60 you could select 1/40 or 1/50.