The photo is from a year ago on the Cambridge's Tour of Canada. It is the same photo as they used in their 2016 Christmas reply, except the Christmas reply did not have a white border.
The message reads:
The Duke and Duchess of Cambridge were touched by your kind words following the happy news that they are expecting their third child. It really was most thoughtful of you and Their Royal Highnesses send you their warmest thanks and best wishes.The message is the same as their reply for the announcement of their 2nd pregnancy, except for the obvious change of 2nd child to 3rd.
I can't wait for the new little Cambridge Addition!!!