You can not save directly to a jpg or bmp file from TG2.
However, you can export a heightfield as .ter:
Create a heightfield shader, you should get a red and green node.
The red one is the heigthfield shader and the green one heightfield generator.
Move the heightfield to the position from where you would export a part of the terrain.
We need the heightfield-generator to create the heightfield from your procedural terrain.
Plug the output of your terrain, usually the compute terrain node, into the shader-input triangle of the heightfield-generator.
In the heightfield generator go to the shader tab and check "heightfield from shader".
(I'm doing this from the top of my head so I may be less accurate with the names here)
In the field next to the checkbox you should see the compute terrain node you have plugged into the heightfield shader.
Now hit generate and wait. Time is dependent on how extreme your terrain (in number of nodes and displacements) and the resolution (default = 1000x1000) is.
After the generation is finished context-click (RMB) on the heightfield-generate node and choose "save as".
Now you should have a heightfield of your procedural terrain.
In a 3rd party app like Leveller, I believe, you can export it to jpg or bmp.
I use World-Machine for it, so that's also an option.
Good luck and let me know how it went.
Cheers,
Martin