This letter is an attempt to carry out a first-principle computation in M-t
heory using the point of view that the eleven-dimensional membrane gives th
e fundamental degrees of freedom of M-theory. Our aim is to derive the exac
t BPS R-4 couplings in M-theory compactified on a torus Td+1 from the toroi
dal BPS membrane, by pursuing the analogy with the one-loop string theory c
omputation. We exhibit an Sl(3, Z) modular invariance hidden in the light-c
one gauge (but obvious in the Polyakov approach), and recover the correct c
lassical spectrum and membrane instantons; the summation measure however is
incorrect. It is argued that the correct membrane amplitude should be give
n by an exceptional theta correspondence lifting Sl(3, Z) modular forms to
Ed+1(d+1) (Z) automorphic forms, generalizing the usual theta lift between
Sl(2, Z) and SO(d, d, Z) in string theory. The exceptional correspondence S
l(3) x E-6(6) subset of E-8(8) offers the interesting prospect of solving t
he membrane small volume divergence and unifying membranes with five-branes
.