That is all I received as well.
The "cracked" key is on the small disk, along with the "How to install" video.
The install video goes really fast. I just followed along and paused the video after every step and the install went pretty easy. It shows you step by step how to install the software and even how to install the "Key".
The plain white disks are marked 1 and 2 but they had mine reversed in the sleeves.
Disk 1 is the one that has the "Auto Run" application on it. The video will show you when to install the 2nd disk and then later the 3rd (small) disk.