diff --git a/aegisub/libaegisub/common/parser.cpp b/aegisub/libaegisub/common/parser.cpp
index 62114749c..6bb47df0c 100644
--- a/aegisub/libaegisub/common/parser.cpp
+++ b/aegisub/libaegisub/common/parser.cpp
@@ -167,7 +167,7 @@ struct dialogue_tokens : lex::lexer<Lexer> {
 		using namespace agi::ass::DialogueTokenType;
 
 		if (karaoke_templater)
-			init(string("!.*!", KARAOKE_TEMPLATE) | string("\\$[A-Za-z_]+", KARAOKE_VARIABLE));
+			init(string("![^!]*!", KARAOKE_TEMPLATE) | string("\\$[A-Za-z_]+", KARAOKE_VARIABLE));
 		else
 			init(lex::char_('\1'));
 	}
diff --git a/aegisub/tests/Makefile b/aegisub/tests/Makefile
index a51279853..b2b6359f0 100644
--- a/aegisub/tests/Makefile
+++ b/aegisub/tests/Makefile
@@ -26,9 +26,10 @@ SRC = \
 		libaegisub_keyframe.cpp \
 		libaegisub_line_iterator.cpp \
 		libaegisub_line_wrap.cpp \
-		libaegisub_option.cpp \
 		libaegisub_mru.cpp \
+		libaegisub_option.cpp \
 		libaegisub_signals.cpp \
+		libaegisub_syntax_highlight.cpp \
 		libaegisub_thesaurus.cpp \
 		libaegisub_util.cpp \
 		libaegisub_vfr.cpp \
diff --git a/aegisub/tests/libaegisub_syntax_highlight.cpp b/aegisub/tests/libaegisub_syntax_highlight.cpp
index 3a645e495..e9884ac98 100644
--- a/aegisub/tests/libaegisub_syntax_highlight.cpp
+++ b/aegisub/tests/libaegisub_syntax_highlight.cpp
@@ -251,3 +251,11 @@ TEST(lagi_syntax, templater_expression) {
 		expect_style(ss::NORMAL, 1u);
 	);
 }
+
+TEST(lagi_syntax, multiple_templater_expressions) {
+	tok_str("!1!2!3!", true,
+		expect_style(ss::KARAOKE_TEMPLATE, 3u);
+		expect_style(ss::NORMAL, 1u);
+		expect_style(ss::KARAOKE_TEMPLATE, 3u);
+	);
+}