497 1 v40513s1e497.txt FORM 497 As filed pursuant to Rule 497 Under the Securities Act of 1933 Registration No. 333-137864 AIG SUNAMERICA LIFE ASSURANCE COMPANY -------------------------------------------------------------------------------- VARIABLE ANNUITY ACCOUNT FIVE SUPPLEMENT TO THE PROSPECTUSES SEASONS PREFERRED SOLUTION VARIABLE ANNUITY DATED APRIL 30, 2008 SEASONS SELECT II VARIABLE ANNUITY DATED APRIL 30, 2008 SEASONS ELITE VARIABLE ANNUITY DATED APRIL 30, 2008 -------------------------------------------------------------------------------- The following replaces the investment requirements in the MARKETLOCK INCOME PLUS section under "Are there investment requirements if I elect MarketLock Income Plus?": - Cash Management Variable Portfolio - Managed Allocation Balanced Variable Portfolio - Managed Allocation Moderate Variable Portfolio - Managed Allocation Moderate Growth Variable Portfolio - Strategic Allocation Balanced - Strategic Allocation Moderate Growth - Strategic Allocation Moderate or - 6 or 12 month DCA Fixed Accounts, if available. The following replaces the investment requirements outlined in paragraph "(1)" found under +6% Option - Investment Requirements in the MARKETLOCK FOR LIFE PLUS section under "Are there investment requirements if I elect MarketLock For Life Plus?": (1) Allocate 100% of your investment in one of the following: - Managed Allocation Balanced Variable Portfolio - Managed Allocation Moderate Variable Portfolio - Managed Allocation Moderate Growth Variable Portfolio - Strategic Allocation Balanced - Strategic Allocation Moderate Growth - Strategic Allocation Moderate or - 6 or 12 month DCA Fixed Accounts, if available. The following replaces the first paragraph under +7% Option- Investment Requirements in the MARKETLOCK FOR LIFE PLUS section under "Are there investment requirements if I elect MarketLock For Life Plus?": You may comply with investment requirements for the +7% Option by allocating 100% of your investments to the following: - Cash Management Variable Portfolio - Managed Allocation Balanced Variable Portfolio - Managed Allocation Moderate Variable Portfolio - Managed Allocation Moderate Growth Variable Portfolio - Strategic Allocation Balanced - Strategic Allocation Moderate Growth - Strategic Allocation Moderate or - 6 or 12 month DCA Fixed Accounts, if available. Dated: June 5, 2008 Please keep this Supplement with your Prospectus.