We consider general planar deformations of a circular distribution of NS5-branes. The near-horizon region of the latter admits, after a T-duality transformation, an exact conformal-field-theory description in terms of the coset model SU(2)/U(1)×SL(2,R)/U(1). We derive the exactly marginal operators corresponding to an infinitesimal planar deformation using the conjectured holography between the...