We study the family of ten-dimensional type-IIB supergravity solutions corr
esponding to renormalisation group flows from N = 4 to N = 2 supersymmetric
SU(N) Yang-Mills theory. Part of the solution set corresponds to a submani
fold of the Coulomb branch of the gauge theory, and we use a D3-brane probe
to uncover details of this physics. At generic places where supergravity i
s singular, the smooth physics of the probe yields the correct one-loop for
m of the effective low energy gauge coupling. The probe becomes tensionless
on a ring at finite radius. Supergravity flows which end on this "enhancon
" ring correspond to the vacua where extra massless degrees of freedom appe
ar in the gauge theory, and the gauge coupling diverges there. We identify
an SL(2, Z) duality action on the enhancon ring which relates the special v
acua, and comment on the massless dyons within them. We propose that the su
pergravity solution inside the enhancon ring should be excised, since the p
robe's tension is unphysical there.