To simplify this expression, we need to first perform the operations inside the parentheses and then do the subtraction of the fractions.

Inside the parentheses:
-1.6 - 3.3 + 5
= -4.9 + 5
= 0.1

Now subtract the fractions:
1/5 - 1/4 = (4/20) - (5/20)
= -1/20

Finally, multiply the result inside the parentheses by the result of the fractions:
0.1 * (-1/20)
= -0.005

Therefore, (1/5 - 1/4) * (-1.6 - 3.3 + 5) = -0.005.