  The AdS(4)/CFT(3) duality is a new example of an integrable and exactly
solvable AdS/CFT system. There is, however, a puzzling mismatch between the
number of degrees of freedom used in the exact solution (4B+4F scattering
states) and 8B+8F transverse oscillation modes of critical superstring theory.
We offer a resolution of this puzzle by arguing that half of the string modes
dissolve in the continuum of two-particle states once alpha' corrections are
taken into account. We also check that the conjectured exact S-matrix of
AdS(4)/CFT(3) agrees with the tree-level worldsheet calculation.
