Shield Master feat and iterative attacks

[Ian RVA]

RAW: You do not suffer any penalties on attack rolls made with a shield while you are wielding another weapon. Add your shield’s enhancement bonus to attack and damage rolls made with the shield as if it were a weapon enhancement bonus.

Level 11 Fighter: BAB 11/Str 19/Dex 17 ...TWF/ITWF/WF:Sword/WT:Close(Lv5)Swords(Lv9)/Shield Master

I think I have included all the relevant stuff above. My question is does Shield Master negate the -5 penalty on iterative attacks?

At level 11 my single weapon attack with a:

sword (no enhancements) BAB11+Str4+WF1+WT1= +17
light shield (no enhancements) BAB11+Str4+WT2= +17

FRA(ITWF): +15/+17/+10/+17 <------is this correct according to the rules?

[mplindustries]

Ian RVA wrote:

I think I have included all the relevant stuff above. My question is does Shield Master negate the -5 penalty on iterative attacks?

Of course not.

[blackbloodtroll]

It negates two weapon fighting penalties.

[Coriat]

The feat negates two-weapon fighting penalties (which is what is meant by "penalties while you are wielding another weapon"), not other types of penalties.

With Improved Two-Weapon Fighting, your full attack would be +15/+10/+5 with the sword and +17/+12 with the shield, presuming that the sword is your primary weapon.