We present the first comprehensive ab initio study of the Ne–Br2 potential energy surfaces and the non-adiabatic couplings between the valence excited electronic states. These ab initio results are used to obtain 3-D approximate potentials for each electronic state, and these potentials are used in a wave packet calculation of the competing electronic predissociation and vibrational predissociation dynamics. The results of this calculation are in excellent agreement with both experimental results and a previous empirical fit to the experiments. The calculations allow us to observe not only the competition between vibrational and electronic dynamics for the dimer, but also the competition between two different electronic channels. Coupling to the 2g state dominates for the levels studied here, but coupling to the C state is progressively more important for low vibrational levels, and may dominate at levels below which the current results pertain. The ability of ab initio surfaces and couplings to so accurately reproduce experimental data raises the hope of a complete understanding of the VP and EP dynamics for other Rg-halogen dimers. Success in the case presented here is largely due to the fact that the VP dynamics for the vibrational levels in this study are in the simple, direct regime. Understanding the simple case so thoroughly provides new hope that the more complicated examples, such as ArI2 and NeCl2, for which experiment and theory are not currently in accord, may yet yield to analysis.