Step 1: List the sample space.
When three coins are tossed together, each coin shows either Heads (H) or Tails (T). The total sample space is: $\{HHH, HHT, HTH, HTT, THH, THT, TTH, TTT\}$
Step 2: Count total outcomes.
Total number of outcomes $= 2^3 = 8$
Step 3: Identify favourable outcomes.
We need exactly two tails. The outcomes with exactly 2 tails are: HTT, THT, TTH. So number of favourable outcomes = 3.
Step 4: Apply the probability formula.
\[ P(E) = \frac{\text{Number of favourable outcomes}}{\text{Total number of outcomes}} \]
Step 5: Substitute values.
\[ P(\text{exactly two tails}) = \frac{3}{8} \]
Step 6: Verify the answer matches the options.
Option 3 gives $\frac{3}{8}$, which matches our calculation.
\[ \boxed{\dfrac{3}{8}} \]