diff --git a/mustache-sharp/KeyFoundEventArgs.cs b/mustache-sharp/KeyFoundEventArgs.cs
index 7a97e61..c4bf91d 100644
--- a/mustache-sharp/KeyFoundEventArgs.cs
+++ b/mustache-sharp/KeyFoundEventArgs.cs
@@ -14,6 +14,7 @@ namespace Mustache
         internal KeyFoundEventArgs(string key, object value)
         {
             Key = key;
+            Substitute = value;
         }
 
         /// <summary>