Meaning of exp{expression} in mathematical equations

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I was reading a paper by G.Newell 1964, and the paper's notation was different from the modern ones.

He postulated a law on car-following which dictates :

$$ v_j(t) = \frac{dy_j(t)}{dt} = V_j - V_j exp\{-\lambda_jV^{-1}_j[y_{j-1}(t-\Delta)-y_j(t-\Delta)]\}$$

And I am not sure if :

$exp\{-\lambda_jV^{-1}_j[y_{j-1}(t-\Delta)-y_j(t-\Delta)]\}$

is supposed to mean :

$e^{-\lambda_jV^{-1}_j[y_{j-1}(t-\Delta)-y_j(t-\Delta)]}$

Or simply a differential equation named "exp"

Since back then, car following modeling was much more linear in its relations.

Thank you in advance!