A video tutorial done by Louise Brigdon was helpful in making this unique fold. You have to listen very carefully as her voice is quiet, and she uses centimeters instead of inches in some of her measurements. However, I was able to figure the fold out.
Here's what I came up with:
The fold is basically a card front, so I mounted it on Early Espresso cardstock. It is larger than an A2 card (6 1/8 by 8 5/8") so I will have to make an envelope to go with it.
For the tag I used coordinating cardstock and picked up the Crumb Cake colour from the paper. The ribbon was made using the envelope punch board.
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I used the retired snowflake punch for the snowflake on the front of the card.