Abstract: An exterior wall assembly water management system that provides the designer and building owner with the popular esthetics of synthetic stucco and the long-term reliability of water management. The water managed exterior system includes flashing, a weather-resistive barrier, a water durable board, a basecoat and an exterior finish. Either the water durable board, or an insulation layer secured to the water durable board, forms the exterior cladding of the building structure, and the basecoat and the exterior stucco finish are applied to the outer surface of the water durable board, or in the alternative to the insulation layer. The disclosed water managed exterior system efficiently directs any penetrating water to weeps, or the like, by providing a water drainage medium between the weather-resistive barrier and the water durable board. The unwanted water drains downwards via the drainage medium, is caught at the base of the wall by the flashing, and is further drained outside of the wall cladding.