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The shorter guy to the right of obama looks thrilled

That is Anders Fogh Rasmussen, Secretary General of NATO. He is purposely and rightfully positioned front and center in the photo, with the US President and UK Prime Minister flanking him.

Rasmussen's term was set to expire a couple of months back, but had graciously agreed to stay on through September in order to direct the Wales summit. So this photo is in essence his farewell photo to mark the completion of his term of leadership. This is the photo Rasmussen will hang on his wall to showcase the relationships he developed with his colleagues under his leadership. And every time he or anyone else looks upon the ruination of that photo, they will be reminded of what a complete ass the American President is.