Option 1: I - This option is incorrect. It shows the sheet being folded horizontally, which is not consistent with the given folding pattern.

Option 2: II - This option is incorrect. It shows the sheet being folded diagonally, which is also not consistent with the given folding pattern.

Option 3: III - This option is incorrect. It shows the sheet being folded vertically, which again is not consistent with the given folding pattern.

Option 4: IV - This is the correct answer. It shows the sheet being unfolded in a way that matches the given folding pattern. When unfolded, the sheet will form a rectangular shape with two flaps on either side.

Therefore, option 4 - IV is the correct choice for how the sheet will look when unfolded based on the given folding and punching pattern.