It's an option to connect a monitor with 15pin D-SUB VGA port. Nothing else. I have these for sale for SFF and MT too (they are different). If You add this then You will still be able to connect max 3 monitors at the same time.
There is a part that adds VGA port to 7040. PN is 0FP9X3 Dows anyone know what this part do? Does it add a VGA display output option? As far as I know Hd 530 is not supporting 530. Motherboard has already 2 DP and 1 HDMI port. HD 530 supports maximum of 3 displays. So what is the purpose of this card? If this is an option for 4 monitor solution without a discreet graphics card that would be great. 
7040 VGA port