Four ladies form a right hand star and turn it 1/2,
then give a left hand to the opposite man who will
help them face back in with a Courtesy Turn.

To see variations on Ladies Chain click here:

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Styling Tip: As the ladies move in and
  star, the men should prepare for the
  courtesy turn by stepping to their right
  while turning to their left. This will get
  them out of the lady's way (she needs to
  pass through the spot where they are
  standing) and in position to get a
  hand behind her for the courtesy turn.

A common variation is to chain 3/4:

Four ladies form a right hand star and turn it 3/4,
then give a left hand to the third man who will
help them face back in with a Courtesy Turn.