Sooooooo I have been waiting for the day to see for myself rare/legendary engrams decrypt into legendary and exotic, respectively. My rare turned into a SICK legendary Hunter helmet and my legendary into a beautiful exotic chest piece for, you guessed it... A hunter. I am a warlock and my heart is broken.
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I bought an exotic engram from Xur just now and it decoded into a hunter helm. I, too, am a warlock.