Addressee field shows tokens instead of values when used in the Event, Name Badge Layout

Addressee field shows tokens instead of values when used in the Event, Name Badge Layout.

Steps to reproduce:
1. http://dmaster.demo.civicrm.org
2. Edit Badge Layout, http://dmaster.demo.civicrm.org/civicrm/admin/badgelayout?action=update&id=1&reset=1
3. Select field, Addressee as Row 2
4. Save
5. Locate an Event
6. Find Participants, http://dmaster.demo.civicrm.org/civicrm/event/search?reset=1&force=1&status=true&event=3
7. Select Print Name Badges and choose the Name Badge
8. Attached is the PDF output and screenshot.

The workaround is to use the "Display Name" field but users expect "Addressee" to work and also customise the configuration of this custom field.