Since when did they say the exotic class item takes up your exotic armor slot?
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Name one exotic class item?
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Name one instance where they said it would take up your exotic slot?
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It is an given that it would because you can't equip exotics pre level 20, so this one you can. It's an item designed for low level players to aid them in catching up.
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The reason it is exotic is so they can't stack it with nightfall without giving up their exotic armor