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Narrowband path loss models are not applicable to the link budget calculation of ultra wideband (UWB) signals. In the paper, a rigorous analysis reveals the power loss behaviour of short-range UWB pulse systems when operated in a rich multi-path environment. A novel breakpoint is derived that is within the vicinity of the transmitter, and is shown to influence the UWB link budget considerably. Furthermore, it is shown that the power delay profile does not generally follow a simple negative exponential dependency. Also, the effects of perfect and imperfect correlator onto the overall UWB pulse power loss are considered.