How many spell slots does a Level 3 Warlock have?

The Warlock Table in the PHB (p106) states that a Warlock has the following:

  • 1 First-level spell slot at level 1.
  • 2 First-level spell slots at level 2.
  • 2 Second-level spell slots at level 3.

Does this mean that a third level Warlock has a cumulative 5 Spell Slots? (3 First-Level slots and 2 Second-Level slots)

Or do the new slots just replace old slots between levels such that a 3rd-level Warlock ultimately has only 2 second-level spell slots?