letter to shareholders

Does anyone else find the graph they have included with the letter to shareholders misleading. They have compared the stock price movement of the stock over a very specific time period with a list of very specific stocks. It is misleading as GMF has come off a very low base and if it weren't for the offer or the prospect of a potential offer I would imagine that the stock would be now trading at a significant discount due to the drought and their failure to deliver on promises in the past.