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We find that photodissociaton is hardly observable within 3 ps (1%), which is a failure of the range-separated hybrid CAM-B3LYP functional, as a consequence of its static electron correlation deficiency at long range. In contrast, pure DFT (GGA-BLYP) provides an accurate long-range description (19% dissociation yield), also supported by comparison to recent ultrafast experiments, even if the Rydberg state energies are significantly underestimated (1 eV). Finally, we reveal the crucial role of vibrational coherence and energy transfer f