Taxonomy arguments after the first aren't correctly replaced in Panels title

Panel page path is 'results', and I need 2 optional taxonomy arguments which both get passed to an embedded view, i.e.:

http://example.com/results/[tid1]/[tid2]

so

http://example.com/results/156/114 passes the tids for 'Youth/Student' and 'California'

If there is only one argument, the title should be simply 'Youth/Student' – if both arguments are present, the title should be 'Youth/Student in California'

Under 'Context' I set up two Taxonomy argument entries with the appropriate title configuration (see image attachments 1,2,3)

With only one argument, it works fine (attachment 4). With 2 arguments, the title set in the second argument config is being called, but the taxonomy term isn't being substituted for the placeholder, so we get 'Youth/Student in %term2' as our title (attachment 5.)