First, we find the Mid-Price (P) and the mean proportional spread (s). $P = \\frac{Bid + Ask}{2} = \\frac{32.45 + 32.90}{2} = 32.675$

Spread = $Ask - Bid = 32.90 - 32.45 = 0.45$

Mean Proportional Spread (s) = $\\frac{Spread}{P} = \\frac{0.45}{32.675} = 0.013772$

The 99% Spread Risk Factor is calculated as $\\frac{s + Z \\times \\sigma}{2}$, where $Z = 2.33$ for a 99% confidence level. Spread Risk Factor = $\\frac{0.013772 + 2.33 \\times 0.004}{2} = \\frac{0.013772 + 0.00932}{2} = \\frac{0.023092}{2} = 0.011546 \\approx 0.0115$

The 99% Transactions Cost (or Liquidity Cost) is calculated as $P \\times$ Spread Risk Factor. Transactions Cost = $32.675 \times 0.011546 = 0.3772$.

Thus, Option D is the correct answer.