I found this on IMDB, makes a lot of sense (if my memory serves me right):
Sequence:
1. Cobb and Ariadne enter limbo to retrieve Fischer.
2. Saito dies in the fortress and thus enters limbo.
3. Ariadne rides the kick (falling) with Fischer up to the fortress.
4. Cobb follows to the fortress when the building collapses.
5. Ariadne, Cobb, Eames, Fischer ride the kick up to the hotel when the fortress collapes.
6. Ariadne, Cobb, Eames, Fischer and Arthur ride the kick up to the van when the elevator falls down.
7. Eames (as Browning) and Fischer swim out of the van and go ashore.
8. Ariadne, Arthur, and Yusuf take breaths from a tank and go ashore (out of sight of Fischer).
9. Cobb is left in the van and drowns/dies. Thus he returns to limbo, washes up on shore, and is found by Saito's guards.
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