Context: Varys is a member of the king's court and a eunuch and a foreigner to Westeros from the Free Cities. He speaks few words, but when he does they come with deep wisdom.
1. Varys meets with Nedd Stark and tells him that the king is a fool and will be dead soon unless Nedd can save him. Nedd asks Varys why he is telling him this and Varys says that he had to be sure Nedd could be trusted, but now he knows Nedd is an honorable and true man, and maybe just be the only one in King's Landing other than himself.
Why this is important: It gives us information concerning Varys character and also affirms Nedd's character.