Yes, you are correct about the M2 having a 1% minimum quarterly escalation; a similar rule will also apply to the NorthConnex project.
Regarding the Citylink concession, the 1% floor actually ceased to exist in December 2016, so my understanding is that the current price escalation is at plain CPI. As part of the WGT deal, this is then supposed to change to a fixed (i.e. no floor) annual toll escalation of 4.25% from FY2020 to FY2029, but that is still subject to Parliament approval.
Cheers
TCL Price at posting:
$11.66 Sentiment: Buy Disclosure: Held
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