Let(Eα,fαβ),(Eα′,fαβ′),(Eα′′,fαβ′′)be three inverse systems of Aα-modules and(uα),(vα)two inverse systems of Aα-linear mappings such that the sequences
0⟶Eα′uαEαvαEα′′
are exact for all α.Then, writingu=limuα,v=limvα, the sequence
0⟶limEα′ulimEαvlimEα′′
is exact.
Asuα−1(0)={0}for all α, it follows from Set Theory, III, § 7, no. 2, Proposition 2 thatu−1(0)={0}, henceuis injective; further, theuα(Eα′)form an inverse system of subsets of theEαand thusu(limEα′)=limuα(Eα′). Asuα(Eα′)=vα−1(0)by hypothesis,v−1(0)=limuα(Eα′)=u(limEα′) (Set Theory, III, § 7, no. 2, Proposition 2), which completes the proof.
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.