Quartz SA reviews three contracts. Contract 1: the terms provide for participation in a clearly identified fund; the policyholder expects 90% of the fund's returns at fair value, and the amounts paid to the policyholder vary mostly with the fair value of the fund. Contract 2: participation in a clearly identified fund, but the policyholder is entitled to only 5% of the returns, and the amounts paid vary very little with fair value. Contract 3: guaranteed fixed return, with no identified underlying pool. The assessments of "substantial" are case data. Which contracts are contracts with direct participation features?
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