While explaining that their relationship was purely platonic the two actors gingerly grabbed each other -- Timberlake grabbed Kunis's chest, saying "That's why I can do this." And, not to be outdone, Kunis reached back and grabbed Timberlake's crotch. And, thus occupied, the two presented the nominees.
This wasn't Timberlake's first brush with live TV and a breast. In 2004, Timberlake famously pulled off the fabric covering one of Janet Jackson's breasts during the Super Bowl halftime show, leading to a massive controversy and the coining of the phrase "wardrobe malfunction."