Let the total number of men be represented by the set \( A \cup B \cup C = 60 \) where:
- \( |A| = 48 \) (men who received medals in event A)
- \( |B| = 25 \) (men who received medals in event B)
- \( |C| = 18 \) (men who received medals in event C)
- \( |A \cup B \cup C| = 60 \) (total number of men)
The number of men who received medals in all three events is given by:
\[
|A \cap B \cap C| = 5
\]
We need to find how many men received medals in exactly two events, which is calculated by:
\[
|A \cap B| + |B \cap C| + |C \cap A| - 3|A \cap B \cap C|
\]
Using the inclusion-exclusion principle, we get:
\[
|A \cup B \cup C| = |A| + |B| + |C| - |A \cap B| - |B \cap C| - |C \cap A| + |A \cap B \cap C|
\]
Substituting the values we know:
\[
60 = 48 + 25 + 18 - |A \cap B| - |B \cap C| - |C \cap A| + 5
\]
\[
60 = 91 - |A \cap B| - |B \cap C| - |C \cap A| + 5
\]
\[
|A \cap B| + |B \cap C| + |C \cap A| = 36
\]
Now, to find the number of men who received exactly two medals, we use the formula:
\[
\text{No. of men who received exactly 2 medals} = |A \cap B| + |B \cap C| + |C \cap A| - 3|A \cap B \cap C|
\]
Substituting the values:
\[
\text{No. of men who received exactly 2 medals} = 36 - 15 = 21
\]
Thus, the number of men who received exactly two medals is 21.