I went back to look as I thought I'd stared at that card plenty. How did I miss the fifth? And there she was. Hiding. I wouldn't toss out the idea that the four whose faces we see represent the Aces just yet. The fifth, since we can't see much of her, may be the ever elusive and mysterious Ludy Lescot.
This may be over-thinking this deck a bit, but I'll suggest this anyway:
The story in these cards is compelling on many levels to me because it's not a standard tarot fare. So in this card we have the major players on someone's life, be it Ludy Lescot or whoever the main character is set to represent (such as the Querent). Perhaps, if it is Ludy hiding behind the Magician we are given a first glance at how the cards are applied.
This is the first stop on The Fool's Journey, right? How appropriate that The Fool would be present! Here she is introduced to The Magician and the Four Elements that affect her life. She is part of the story as much as their story is a part of her.