Corrected entry: Saito ages but Cobb doesn't. In level 3, Fisher dies before Saito. Cobb gets to level 4 while Fisher is still young, so, Saito must still be young as well. Yet in later scene, Saito is aged, but not Cobb.
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Correction: When Cobb goes to Limbo to find Fischer, it can be thought of as level four, as you said. Cobb deliberately entered Limbo, because it is only possible to have three stable levels of dream. He hadn't actually died in any level yet. Time moves 20x faster in dreams, and has a compound effect, so time in Limbo is moving 80x faster then reality when the first level is only moving 20x faster. So Saito has been aging in Limbo for a long time when Cobb drowns in the van and "re-enters" Limbo (wakes up on the beach).