Not on display
There appear to be hills and trees in the distance but there is otherwise little sense of scale, so that the size and nature of the features in the foreground are unclear. They may be some form of watercourse, as Finberg suggests. The sketch continues on folio 4 recto opposite (D12130).
The central portion of the left-hand edge has irregular losses, presumably caused by rubbing against the clasp of the original cover (see the Introduction to the sketchbook), similarly affecting the leaves from folio 1 (D12124, D12125) as far as folio 6 (the recto of which is D12132). There is a pale brown stain radiating from the centre of the left-hand edge, again apparently caused by proximity to the original clasp.