diff --git a/core/modules/views/src/Plugin/views/PluginBase.php b/core/modules/views/src/Plugin/views/PluginBase.php
index 81ac493..4204c61 100644
--- a/core/modules/views/src/Plugin/views/PluginBase.php
+++ b/core/modules/views/src/Plugin/views/PluginBase.php
@@ -15,6 +15,7 @@
 use Drupal\Core\Plugin\ContainerFactoryPluginInterface;
 use Drupal\Core\Plugin\PluginBase as ComponentPluginBase;
 use Drupal\Core\Render\Element;
+use Drupal\Core\Render\RenderContext;
 use Drupal\views\Plugin\views\display\DisplayPluginBase;
 use Drupal\views\ViewExecutable;
 use Symfony\Component\DependencyInjection\ContainerInterface;
@@ -390,6 +391,7 @@ protected function viewsTokenReplace($text, $tokens) {
       // Use the unfiltered text for the Twig template, then filter the output.
       // Otherwise, Xss::filterAdmin could remove valid Twig syntax before the
       // template is parsed.
+
       $build = array(
         '#type' => 'inline_template',
         '#template' => $text,
@@ -401,7 +403,7 @@ function ($children, $elements) {
         ],
       );
 
-      return (string) $this->getRenderer()->render($build);
+      return (string) $this->getRenderer()->renderPlain($build);
     }
   }
 
diff --git a/core/modules/views/src/Tests/Handler/FieldKernelTest.php b/core/modules/views/src/Tests/Handler/FieldKernelTest.php
index 1265d66..aabb813 100644
--- a/core/modules/views/src/Tests/Handler/FieldKernelTest.php
+++ b/core/modules/views/src/Tests/Handler/FieldKernelTest.php
@@ -193,8 +193,22 @@ public function testArgumentTokens() {
       return $name_field_0->advancedRender($row);
     });
 
-    $this->assertNotEqual('Muh', (string) $output);
-    $this->assertEqual('', (string) $output, 'Ensure that the preprocess function is not executed.');
+    $this->assertFalse(strpos((string) $output, 'views_test_data_test_pre_render_function executed') !== FALSE);
+    $this->assertEqual('%1 !1', (string) $output, "Ensure that old style placeholders aren't replaced");
+
+    // This time use new style tokens but ensure that we still don't allow
+    // arbitrary code execution.
+
+    $name_field_0->options['alter']['alter_text'] = TRUE;
+    $name_field_0->options['alter']['text'] = '{{ arguments.name }} {{ raw_arguments.name }}';
+
+    $row = $view->result[0];
+    $output = $renderer->executeInRenderContext(new RenderContext(), function () use ($name_field_0, $row) {
+      return $name_field_0->advancedRender($row);
+    });
+
+    $this->assertFalse(strpos((string) $output, 'views_test_data_test_pre_render_function executed') !== FALSE);
+    $this->assertEqual(' ', (string) $output, "Ensure that old style placeholders aren't replaced");
   }
 
   /**
diff --git a/core/modules/views/src/Tests/Update/ArgumentPlaceholderUpdatePathTest.php b/core/modules/views/src/Tests/Update/ArgumentPlaceholderUpdatePathTest.php
new file mode 100644
index 0000000..f93d83b
--- /dev/null
+++ b/core/modules/views/src/Tests/Update/ArgumentPlaceholderUpdatePathTest.php
@@ -0,0 +1,49 @@
+<?php
+
+/**
+ * @file
+ * Contains \Drupal\views\Tests\Update\ArgumentPlaceholderUpdatePathTest.
+ */
+
+namespace Drupal\views\Tests\Update;
+
+use Drupal\system\Tests\Update\UpdatePathTestBase;
+use Drupal\views\Entity\View;
+
+/**
+ * Tests the argument placeholder update path.
+ *
+ * @group views
+ */
+class ArgumentPlaceholderUpdatePathTest extends UpdatePathTestBase {
+
+  /**
+   * {@inheritdoc}
+   */
+  protected function setDatabaseDumpFiles() {
+    $this->databaseDumpFiles = [
+      __DIR__ . '/../../../../system/tests/fixtures/update/drupal-8.bare.standard.php.gz',
+      __DIR__ . '/../../../tests/fixtures/update/argument-placeholder.php'
+    ];
+  }
+
+  public function testArgumentPlaceholderUpdate() {
+    $this->runUpdates();
+    $view = View::load('test_token_view');
+
+    $data = $view->toArray();
+    $this->assertEqual('{{ argument.nid }}-test-class', $data['displays']['default']['display_options']['style']['options']['col_class_custom']);
+    $this->assertEqual('{{ argument.nid }}-test-class', $data['displays']['default']['display_options']['style']['options']['row_class_custom']);
+    $this->assertEqual('{{ argument.nid }}-custom-text', $data['displays']['default']['display_options']['fields']['title']['alter']['text']);
+    $this->assertEqual('test_token_view {{ argument.nid }}', $data['displays']['default']['display_options']['title']);
+    $this->assertEqual('{{ argument.nid }}-custom', $data['displays']['default']['display_options']['header']['area_text_custom']['content']);
+    $this->assertEqual('{{ argument.nid }}-text', $data['displays']['default']['display_options']['footer']['area']['content']['value']);
+    $this->assertEqual("Displaying @start - @end of @total\n\n{{ argument.nid }}-result", $data['displays']['default']['display_options']['empty']['result']['content']);
+    $this->assertEqual('{{ argument.nid }}-title', $data['displays']['default']['display_options']['empty']['title']['title']);
+    $this->assertEqual('{{ argument.nid }} title', $data['displays']['default']['display_options']['arguments']['nid']['title']);
+    $this->assertEqual('{{ argument.nid }} title', $data['displays']['default']['display_options']['arguments']['nid']['exception']['title']);
+    $this->assertEqual('{{ argument.nid }}-more-text', $data['displays']['default']['display_options']['use_more_text']);
+    $this->assertEqual('{{ argument.nid }}-custom-url', $data['displays']['default']['display_options']['link_url']);
+  }
+
+}
diff --git a/core/modules/views/tests/fixtures/update/argument-placeholder.php b/core/modules/views/tests/fixtures/update/argument-placeholder.php
new file mode 100644
index 0000000..2a277be
--- /dev/null
+++ b/core/modules/views/tests/fixtures/update/argument-placeholder.php
@@ -0,0 +1,19 @@
+<?php
+
+$connection = Drupal\Core\Database\Database::getConnection();
+
+$connection->insert('config')
+  ->fields(array(
+    'collection',
+    'name',
+    'data',
+  ))
+  ->values(array(
+    'collection' => '',
+    'name' => 'views.view.test_token_view',
+    'data' => serialize(\Drupal\Component\Serialization\Yaml::decode(file_get_contents('core/modules/views/tests/modules/views_test_config/test_views/views.view.test_token_view.yml'))),
+  ))
+  ->fields([
+    'collection' => '',
+  ])
+  ->execute();
diff --git a/core/modules/views/tests/modules/views_test_data/views_test_data.module b/core/modules/views/tests/modules/views_test_data/views_test_data.module
index 4a2c1ff..ecf65b1 100644
--- a/core/modules/views/tests/modules/views_test_data/views_test_data.module
+++ b/core/modules/views/tests/modules/views_test_data/views_test_data.module
@@ -111,7 +111,16 @@ function template_preprocess_views_view_mapping_test(&$variables) {
   }
 }
 
+/**
+ * Test pre_render function.
+ *
+ * @param array $element
+ *   A render array
+ *
+ * @return array
+ *   The changed render array.
+ */
 function views_test_data_test_pre_render_function($element) {
-  $element['#markup'] = 'Muh';
+  $element['#markup'] = 'views_test_data_test_pre_render_function executed';
   return $element;
 }
diff --git a/core/modules/views/tests/src/Unit/Plugin/area/EntityTest.php b/core/modules/views/tests/src/Unit/Plugin/area/EntityTest.php
index 322ea02..0c3ff91 100644
--- a/core/modules/views/tests/src/Unit/Plugin/area/EntityTest.php
+++ b/core/modules/views/tests/src/Unit/Plugin/area/EntityTest.php
@@ -130,8 +130,8 @@ protected function setupEntityManager() {
    */
   public function providerTestTokens() {
     return [
-      ['{{ arguments.test1 }}', 5],
-      ['{{ raw_arguments.test2 }}', 6],
+      ['{{ raw_arguments.test1 }}', 5],
+      ['{{ arguments.test2 }}', 6],
       ['{{ test_render_token }}', 7],
       ['{{ test:global_token }}', 8],
     ];
diff --git a/core/modules/views/views.install b/core/modules/views/views.install
index 1e1498f..ddeaa03 100644
--- a/core/modules/views/views.install
+++ b/core/modules/views/views.install
@@ -123,7 +123,9 @@ function views_update_8002() {
   $config_factory = \Drupal::configFactory();
   foreach ($config_factory->listAll('views.view.') as $view_config_name) {
     $view = $config_factory->getEditable($view_config_name);
+
     $displays = $view->get('display');
+    $argument_map_per_display = _views_update_argument_map($displays);
 
     $changed = FALSE;
 
@@ -131,17 +133,30 @@ function views_update_8002() {
     foreach ($displays as $display_name => &$display) {
       if (!empty($display['display_options']['fields'])) {
         foreach ($display['display_options']['fields'] as $field_name => &$field) {
-          $token_values = ['path', 'alt', 'link_class', 'rel', 'target', 'query', 'fragment', 'prefix', 'suffix', 'more_link_text', 'more_link_path', 'link_attributes'];
+          $token_values = [
+            'path',
+            'alt',
+            'link_class',
+            'rel',
+            'target',
+            'query',
+            'fragment',
+            'prefix',
+            'suffix',
+            'more_link_text',
+            'more_link_path',
+            'link_attributes'
+          ];
 
           foreach ($token_values as $token_name) {
-            if (isset($field['alter'][$token_name])) {
+            if (!empty($field['alter'][$token_name])) {
               if (is_array($field['alter'][$token_name])) {
                 foreach (array_keys($field['alter'][$token_name]) as $key) {
-                  $field['alter'][$token_name][$key] = _views_update_8002_token_update($field['alter'][$token_name][$key]);
+                  $field['alter'][$token_name][$key] = _views_update_8002_token_update($field['alter'][$token_name][$key], $argument_map_per_display[$display_name]);
                 }
               }
               else {
-                $field['alter'][$token_name] = _views_update_8002_token_update($field['alter'][$token_name]);
+                $field['alter'][$token_name] = _views_update_8002_token_update($field['alter'][$token_name], $argument_map_per_display[$display_name]);
               }
               $changed = TRUE;
             }
@@ -158,16 +173,16 @@ function views_update_8002() {
           foreach ($display['display_options'][$area_type] as &$area) {
             switch ($area['plugin_id']) {
               case 'title':
-                $area['title'] = _views_update_8002_token_update($area['title']);
+                $area['title'] = _views_update_8002_token_update($area['title'], $argument_map_per_display[$display_name]);
                 break;
               case 'result':
-                $area['content'] = _views_update_8002_token_update($area['content']);
+                $area['content'] = _views_update_8002_token_update($area['content'], $argument_map_per_display[$display_name]);
                 break;
               case 'text':
-                $area['content']['value'] = _views_update_8002_token_update($area['content']['value']);
+                $area['content']['value'] = _views_update_8002_token_update($area['content']['value'], $argument_map_per_display[$display_name]);
                 break;
               case 'text_custom':
-                $area['content'] = _views_update_8002_token_update($area['content']);
+                $area['content'] = _views_update_8002_token_update($area['content'], $argument_map_per_display[$display_name]);
                 break;
             }
           }
@@ -181,10 +196,10 @@ function views_update_8002() {
       if (!empty($display['display_options']['arguments'])) {
         foreach ($display['display_options']['arguments'] as &$argument) {
           if (isset($argument['exception']['title'])) {
-            $argument['exception']['title'] = _views_update_8002_token_update($argument['exception']['title']);
+            $argument['exception']['title'] = _views_update_8002_token_update($argument['exception']['title'], $argument_map_per_display[$display_name]);
           }
           if (isset($argument['title'])) {
-            $argument['title'] = _views_update_8002_token_update($argument['title']);
+            $argument['title'] = _views_update_8002_token_update($argument['title'], $argument_map_per_display[$display_name]);
           }
         }
       }
@@ -194,13 +209,13 @@ function views_update_8002() {
     // Update the more link text and more link URL.
     foreach ($displays as $display_name => &$display) {
       if (!empty($display['display_options']['title'])) {
-        $display['display_options']['title'] = _views_update_8002_token_update($display['display_options']['title']);
+        $display['display_options']['title'] = _views_update_8002_token_update($display['display_options']['title'], $argument_map_per_display[$display_name]);
       }
       if (!empty($display['display_options']['use_more_text'])) {
-        $display['display_options']['use_more_text'] = _views_update_8002_token_update($display['display_options']['use_more_text']);
+        $display['display_options']['use_more_text'] = _views_update_8002_token_update($display['display_options']['use_more_text'], $argument_map_per_display[$display_name]);
       }
       if (!empty($display['display_options']['link_url'])) {
-        $display['display_options']['link_url'] = _views_update_8002_token_update($display['display_options']['link_url']);
+        $display['display_options']['link_url'] = _views_update_8002_token_update($display['display_options']['link_url'], $argument_map_per_display[$display_name]);
       }
     }
 
@@ -209,22 +224,22 @@ function views_update_8002() {
     foreach ($displays as $display_name => &$display) {
       if (!empty($display['display_options']['style'])) {
         if (!empty($display['display_options']['style']['row_class'])) {
-          $display['display_options']['style']['row_class'] = _views_update_8002_token_update($display['display_options']['style']['row_class']);
+          $display['display_options']['style']['row_class'] = _views_update_8002_token_update($display['display_options']['style']['row_class'], $argument_map_per_display[$display_name]);
         }
         if (!empty($display['display_options']['style']['col_class_custom'])) {
-          $display['display_options']['style']['col_class_custom'] = _views_update_8002_token_update($display['display_options']['style']['col_class_custom']);
+          $display['display_options']['style']['col_class_custom'] = _views_update_8002_token_update($display['display_options']['style']['col_class_custom'], $argument_map_per_display[$display_name]);
         }
         if (!empty($display['display_options']['style']['row_class_custom'])) {
-          $display['display_options']['style']['row_class_custom'] = _views_update_8002_token_update($display['display_options']['style']['row_class_custom']);
+          $display['display_options']['style']['row_class_custom'] = _views_update_8002_token_update($display['display_options']['style']['row_class_custom'], $argument_map_per_display[$display_name]);
         }
         if (!empty($display['display_options']['style']['description'])) {
-          $display['display_options']['style']['description'] = _views_update_8002_token_update($display['display_options']['style']['description']);
+          $display['display_options']['style']['description'] = _views_update_8002_token_update($display['display_options']['style']['description'], $argument_map_per_display[$display_name]);
         }
       }
     }
 
-
     if ($changed) {
+      $view->set('display', $displays);
       $view->save(TRUE);
     }
   }
@@ -240,13 +255,45 @@ function views_update_8002() {
  * @return string
  *   The updated value.
  */
-function _views_update_8002_token_update($text) {
-  preg_replace_callback('/%(\d)/', function ($arg1) { return "{{ arguments.{$arg1[1]} }}"; }, $text);
-  preg_replace_callback('/!(\d)/', function ($arg1) { return "{{ raw_arguments.{$arg1[1]} }}"; }, $text);
+function _views_update_8002_token_update($text, array $argument_map) {
+  $text = preg_replace_callback('/%(\d)/', function ($match) use ($argument_map) {
+    return "{{ arguments.{$argument_map[$match[1]]} }}";
+  }, $text);
+  $text = preg_replace_callback('/!(\d)/', function ($match) use ($argument_map) {
+    return "{{ raw_arguments.{$argument_map[$match[1]]} }}";
+  }, $text);
 
   return $text;
 }
 
 /**
+ * Updates argument maps.
+ *
+ * @param array $displays
+ *
+ * @return array
+ *   The argument map.
+ */
+function _views_update_argument_map($displays) {
+  $argument_map = [];
+  foreach ($displays as $display_id => $display) {
+    $argument_map[$display_id] = [];
+    if (isset($display['display_options']['arguments'])) {
+      foreach (array_keys($display['display_options']['arguments']) as $number => $name) {
+        $argument_map[$display_id][$number + 1] = $name;
+      }
+    }
+    elseif (isset($displays['default']['display_options']['arguments'])) {
+      foreach (array_keys($displays['default']['display_options']['arguments']) as $number => $name) {
+        $argument_map[$display_id][$number + 1] = $name;
+      }
+    }
+  }
+
+  return $argument_map;
+}
+
+/**
  * @} End of "addtogroup updates-8.0.0-beta".
  */
+