Yes, there would be two rows.
This also brings up a design decision about adding an active column to the Table 3, as it has an implication on CAN-SPAM legistation.
In table 1, email MUST be unique. It should also include a record of opt-in confirmation dates... ideally capturing a solid record of when they confirmed that they subscribed.
I might add another table that is just for recording opt-ins/opt-outs dates/times: subscriberID, newsletterID, sub. request date/time, confirm date/time, remove date/time. (How you handle removals is tricky as well... needs to be automated, but also needs to be not easy to "fake" removals.) When they confirm (or request if you prefer) removal, delete the record from the active subscriptions table (table 3).
Then you get into email bounce handling, which is anoher topic entirely... That can also weigh in on getting blacklisted at places like AOL.
Just a couple of things to think about...