Miranda Kerr's Hot Victoria's Secret Shot

Miranda Kerr has started 2012 as she ended 2011 – by posing in her undies. 

While most supermodels are still sunning themselves on holiday, Miranda – who peeled off in the Victoria's Secret show in November – is very much back at work.

She must have agreed to this shoot as long as there was none of the usual fiddly get-up.

Why else would she still be in her slouchy Christmas pants?
pictures...