Both the vertical line is not exactly in the middle of the circle. So cutting of outer part will not be cut 3 sides.
Thus, here option figure 3 will be eliminated.
When we will unfold the paper for the first time, we will get the shapes on the upper half that are vertically unfolded.
Again, when we will unfold the paper for the second time we will get similar shapes on the right-hand side of the paper as the shapes are horizontally symmetrical.
Unfold the paper a third time we will get similar shapes on the left side of the paper as the shapes are horizontally symmetrical. The paper will look like the figure below:
Hence, the "first figure" is the answer figure.