As the structure rotates, locate the metal ring on the wall opposite the ledge with the dragon puzzle.

You have to jump and grapple the ring in midair, so lean back and wait for the appropriate moment. When you feel ready, jump and grapple the ring.

When you grapple the ring, a small ledge in the guillotine below opens. This can come in handy if you accidentally fall into the water after grappling the ring. You can climb on this ledge and grab the wooden bar. Then climb on it and jump to the beam on the right (Lara's left arm). From there, you can grapple the ring again and climb up the cable line. If you fall into the water before grappling the ring (for example, if you fail when you jump from the wooden structure), you have to climb out of the water and make your way up to the ledge with the dragon puzzle as you did before (refer to this page to refresh your memory). Then rappel down to the beam and try again. Or, save your game and load it. The last Checkpoint was created after solving the puzzle. This way you will avoid climbing up the ledges.

While hanging from the ring, notice the alcove with the Treasure on the left. Adjust the cable so you are hanging at the same level with the handhold. Wall run and jump to grab the handhold.

Then climb into the alcove and pick up the Treasure (26/28).