497 1 v40513s7e497.txt FORM 497 As filed pursuant to Rule 497 Under the Securities Act of 1933 Registration No. 333-118218 FIRST SUNAMERICA LIFE INSURANCE COMPANY -------------------------------------------------------------------------------- FS VARIABLE ANNUITY ACCOUNT FIVE SUPPLEMENT TO THE PROSPECTUSES 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.