A German publication got hold of the pic and published it this week (see it here). The photo shows Prince William and Kate walking away from a helicopter. The wind from the chopper blades apparently lifted her dress, exposing her bare bum.
Pics! The Royal Family in Australia and New Zealand
Kate, who was there to meet with fire victims, wore an Ikat print wrap dress by Diane von Furstenberg and Stuart Weitzman heels.
Kate Middleton's Topless Photo Scandal
The royal family has yet to release a statement on the racy photo.