Paladin

The model gains Aegis (5+, against Magical Attacks).

Aegis is a Special Save, with a value indicated in brackets (X).
If X is given as a modifier and with a maximum value (e.g. +2), the model gains this as a modifier to all its Aegis Special Save rolls, which can never be increased to rolls better than 3+. If the model does not have Aegis, it instead gains Aegis (7 X+). For example, a model without Aegis that gains Aegis (+2) will gain Aegis (5+).
Note that Aegis Saves cannot be taken against attacks with Divine Attacks.

A model with Shield is considered to be using a Shield at all times, except during the Melee Phase if it is using a Two-Handed Melee Weapon.
A model using a Shield gains +1 Arm.
In addition, any Height 1-3 model using a Hand Weapon while using a Shield gains Parry.
Note: Shield provides no benefit against Melee Attacks when using a Two-Handed Melee Weapon .
Remember that since Shield (and parry) provide modifiers to Defensive Characteristics, their effects do not apply to a Character on a mount that has its own Defensive Skill or Armour.

Aegis Saves cannot be taken against Divine Attacks.

This Attack Attribute does not confer any direct effects, but instead interacts with other rules, such as Aegis (X, against Magical Attacks).

During Combat Choices a model part can only choose a Hand Weapon if it has no other options, or is a Weapon Master.
Models with a Shield using a Hand Weapon gain Parry.
All model parts without Innate Weapons come equipped with a Hand Weapon as their default equipment and cannot lose it.