I see it. The hill behind the tree is paradoxically covering up the leaves at the bottom of the tree as though it were in front.
I'm not entirely sure why this is happening, but I have a guess--I know there can be major sorting errors when you've accidentally applied a skin with an alpha channel to a terrain, especially with that specific shader applied. I guess it would make sense to me that this could be related to that, specifically because the alpha channel of the leaves is probably confusing the engine concerning the terrain even further. So one possible solution is to go into MED and make sure all your terrain's skins are set to 24-bit, as opposed to 32. I had a similar problem recently of seeing distant hills THROUGH near hills, and this fixed it instantly.