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Put the following in a template, e.g. [[Template:Testtemplate]]:

    {{{{{blah}}}}}

Then put the following in a page, e.g. [[Test page]]:

    {{testtemplate | blah=stub}}

EXPECTED BEHAVIOUR:

    You should see the contents of [[Template:Stub]], or a link to
    [[Template:Stub]] if [[Template:Stub]] doesn't exist.

ACTUAL BEHAVIOUR:

    I see a link to [[Template:Stub]] whether or not it exists.