EX-99.h.9

                                    AMENDMENT
                                       TO
                            ADMINISTRATION AGREEMENT
                                     BETWEEN
                             JNL VARIABLE FUND V LLC
                                       AND
                     JACKSON NATIONAL ASSET MANAGEMENT, LLC

         This AMENDMENT is made by and between JACKSON NATIONAL ASSET
MANAGEMENT, LLC, a Michigan limited liability company ("Administrator"), and JNL
VARIABLE FUND V LLC, a Delaware limited liability company ("JNL Variable Fund").

         WHEREAS, the Administrator and the JNL Variable Fund entered into an
Administration Agreement dated as of January 31, 2001 ("Agreement"), whereby the
Administrator agreed to provide certain administrative services to the
investment portfolios of the JNL Variable Fund V LLC (each a "Fund");

         WHEREAS, paragraph 15, entitled "Term of Agreement," has been revised;

         WHEREAS, pursuant to the Agreement, each Fund agreed to pay the
Administrator for the services provided and the expenses assumed by each Fund as
set forth in Schedule B to the Agreement, and the Administrator agreed to accept
such fee as full compensation under the Agreement for such services and expenses
which included charges for services and expenses of the Managers; and

         WHEREAS, in order to reflect a change in sub-adviser, the names of the
Funds have been changed.

         NOW THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereby agree to amend the Agreement as follows:

          1.   The  following  sentence  should be added to the end of paragraph
               15, entitled "Term of Agreement:"

                           15. However, the addition or deletion of a Fund
                           reflecting changes that have been formally approved
                           by resolution by the Board of Managers will not
                           require approval by the Board of Managers.

          2.   Schedule A to the Agreement is hereby deleted and replaced in its
               entirety  with  Schedule  A dated  February  18,  2004,  attached
               hereto.

          3    Schedule B to the Agreement is hereby deleted and replaced in its
               entirety  with  Schedule  B dated  February  18,  2004,  attached
               hereto.

         IN WITNESS WHEREOF, the Administrator and the JNL Variable Fund have
caused this Amendment to be executed as of this 18th day of February, 2004.

JACKSON NATIONAL ASSET                     JNL VARIABLE FUND V LLC
MANAGEMENT, LLC


By:   /s/ Andrew B. Hopping              By:   /s/ Robert A. Fritts
     ---------------------------------      ------------------------------------

Name:   Andrew B. Hopping                Name:   Robert A. Fritts
        ------------------------------          --------------------------------

Title:   President                       Title: President
        ------------------------------             -----------------------------






                                   SCHEDULE A
                             DATED FEBRUARY 18, 2004


                 JNL/Mellon Capital Management The DowSM 10 Fund





                                   SCHEDULE B
                             DATED FEBRUARY 18, 2004


         Fund                                          Fee

JNL/Mellon Capital Management The DowSM 10 Fund        .15%