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The exits in the area are through vents in the walls.
1 - Container with Submarine Newspaper
The two newspapers give information about a submersible watercraft, and how it was launched but never returned. It's the same craft you might have found crashed on the Isle of Despair.
2 - Vendigroth Key #1
It's just sitting on the ground. If you don't see it, check your companions. It opens the door right next to it.
3 - Container with Arronax Newspaper
The newspapers on this and lower levels give some background about Arronax and his fight with Vendigroth.
4 - Vendigroth Key #2
As with key #1, it's just lying on the ground. It unlocks the door next to Exit D.
5 - Vivifier Schematic
The vivifier permanently increases all of your attributes by 1, so keep any eye out for its components. One component can be found on this level (#6). The other is on level 4.
6 - Elixir of Physical Prowess
A. Exit back to the surface.
B. Exit between levels 1 and 2.
D. Exit to level 3.