Are items that have been exhausted for the turn still grant the heroes other bonuses?

Like for instance, The Skull Shield is a cursed item whose exhaustion lets you cancel up to two wounds that ignore armor.It also provides the hero wielding it with 5 extra armor against AOE attacks like Blast and Breath. Is this armor bonus granted when the shield is exhausted?

Yes, the exhaustion is for the specific exhaust ability. All other abilities are still active (and I believe there's an entry in the FAQ about this).

-shnar

FAQ:
Q: If an item such as a shield is exhausted, are its passive abilities (if any) disabled?
A: No. The only limitation is that the item cannot use any ability that requires it to exhaust until it has been refreshed.

Thanks for the help.