Question about game keys on Complete Collection with multiple accounts

Hope someone can answer this question.

I have 1 plaync master account with all 3 campaigns + GW:EN.

I want to have a second master account to use as a mule (yes, I know that I can simply add more chars to my existing account, this isn't what I'm after).

I have considered buying the campaigns separately from the plaync store, but I am also looking at the Complete Collection which can be bought from Amazon here.

My question is this: Does the Complete Collection come as 4 separate Game Keys, or one key that activates all 4 pieces of software?

The main reasons I want to do this are:
1) To have several mule accounts (I'm pursuing all the consumable titles and they take a lot of storage!)
2) To participate in the Tournament Predictions with more than 1 account per month (more accounts = more points = more z-keys = more cash = more alcohol/sweets/fireworks I can buy)

So will the Complete Collection give me a maximum of 3 accounts (because GWEN can't be activated alone) or 1 account with all 4 bits on it?

AFAIK multiple accounts are fine and what I'm trying to do doesn't violate the EULA in any way (as I'm keeping all the accounts for myself, not selling them or anything) but if anyone knows different, I'm happy to be corrected.

Thanks in advance!

The Complete Collection (Europe) comes with ONE access key. It supplies all three campaigns and one expansion on a single account.

Great, cheers for that!

It seems it might actually be cheaper to buy the campaigns direct from PlayNC while they have the 50% offer on, having set up different master accounts.

Multiple accounts are fine, nothing against them in the EULA.

^ From http://www.guildwars.com/holiday_promotion/

Ah yes, had completely forgotten about that.

The holiday offer is obviously no use then!

Thanks, that saved me getting confused in the playNC store!