Exotics should feel exotic but they don’t with tier 2 stats. The benefits of an armor piece being tier 4-5 are higher than any Exotic’s armor perk. It’s even worse for those new or returning players because exotics prior to Edge of Fate could get close to tier 5 stats when fully upgraded.
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If they knew how to do their jobs, exotics wouldn't drop with tier 2 stats. I can't fathom the scenario where nobody from Bungie realized this until it was too late. What a joke.