If U is the operator which to each polynomial f(X) associates f(X+λ) (where λ∈K), one has U0(Xk)=λk, and so U=∑k=0∞k!1(λD)k. By analogy with the series expansion of eλ (III, p. 105) we write eS or exp(S) for the formal series ∑n=0∞n!1Sn in the ring K[[S]]; so one can write U=eλD. Replacing the field K by the field of rational fractions K(Y) in this argument one sees similarly that the translation operatorTY can be written eYD.
Furthermore, in the ring K[[S,T]] of formal series in two indeterminates over K one has
(expS)(expT)=p,q∑p!Spq!Tq
=n=0∑∞n!1((0n)Sn+(1n)Sn−1T+⋯+(nn)Tn)
=exp(S+T)
and in particular
(expS)(exp(−S))=1
which justifies the notation we have introduced.
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.