The sequence of folding a piece of paper and the manner in which the folded paper has been cut is shown in the following figures. How would this paper look when unfolded?

When the paper is unfolded first to the bottom left, a circle will appear towards centre and a rectangle towards bottom in the bottom part.

When the paper is unfolded again to the top left, two circles will appear towards centre similarly. Two rectangles will appear one towards left and one towards top similarly.

$$\therefore\ $$When the paper is unfolded it will appear as shown below

Hence, the correct answer is Option B