Please note: You should not set up the monitoring for the Exceptions in the Exception Management. If you activate the monitoring here, you will receive an alert (and if set up this way an email) for every single exception in the application log.
Instead we will set up the actual monitoring and alerting for the application log entries in the Web Service monitoring in Interface and Connection Monitoring. This will collect the number of occurred errors and create one alert accordingly. You can then use the Exception Management to drill down into the single exceptions.