What does ∈ mean in the exponent?
That's not $\in$ but $\epsilon$: that is, a lowercase Greek letter epsilon. It's normally written $\varepsilon$ instead for clarity, but this author chose to use the "lunate" form for unknown reasons.

In this case, epsilon is being used as a shorthand for "an arbitrarily small but positive real number". This should probably be explained in the proof, but it's a fairly common shorthand in mathematics (for example, delta-epsilon proofs, floating-point epsilon…).

In other words, it's saying that the log of $n$ is always asymptotically smaller than $n$ raised to any positive power. In the next line it substitutes in a definite value, 0.01, for epsilon.