The alpha values may be inverted when using a physical material in 3dsMax, see this thread: 3dsMax exporter, Physical Material, and inverted alpha convention - #2 by Evgeni_Popov
The alpha values may be inverted when using a physical material in 3dsMax, see this thread: 3dsMax exporter, Physical Material, and inverted alpha convention - #2 by Evgeni_Popov