I have a simple question regarding a property used in QFT. The operator $U_{21}$ defined by $$ U_{21} = T\left\{\exp\left(-i\int_{t_1}^{t_2} dt' V(t')\right)\right\} \tag{1}$$ satisfies $$U_{32}U_{21}=U_{31}\tag{2}$$ (where the $T$ denotes time ordering). My question is: how do we carry out the product of the $U$'s? Can we say that $$T(A)T(B)=T(AB)~?\tag{3}$$ (This seems plausible to me.)
But my problem is that to show the above identity, one must deal with things like $e^{A+B}$, which isn't necessarily $e^Ae^B$. Does the non-commutative part of $e^{A+B}$ (the part that makes it differ from $e^Ae^B$) get killed by the time-ordering?