EX-99.h(3)

                                    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 ("Fund").

     WHEREAS,  the  Administrator  and the 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 "Series"); and

     WHEREAS,  pursuant  to  the  Agreement,  each  Series  agreed  to  pay  the
Administrator  for the services provided and the expenses assumed by each Series
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 each Series' legal
counsel; and

     WHEREAS, the Managers of the Fund have agreed by written consent to exclude
from the  Administration  Agreement  the charges for  services  and  expenses of
independent counsel to the disinterested  Managers (as defined in the Investment
Company Act of 1940, as amended), effective as of January 1, 2002.

     NOW THEREFORE,  in consideration of the mutual covenants herein  contained,
the parties  hereby  agree to amend the  Agreement,  effective  as of January 1,
2002, as follows:

1.   Sub-section 2.1.7 of the Administration  Agreement is hereby deleted in its
     entirety and replaced by a new Sub-section 2.1.7 which shall read:

          "2.1.7  "Legal and  Accounting  Fees.  All  charges for  services  and
          expenses  of  a  Series'  legal  counsel  and   independent   auditors
          excluding,   however,   the  charges  for  services  and  expenses  of
          independent legal counsel to the disinterested Managers (as defined in
          the Investment Company Act of 1940, as amended);"

2.   Section 2.2 of the Administration  Agreement is hereby amended by replacing
     the period at the end of Sub-section 2.2.6 with a semi-colon, and by adding
     to the end of Section 2.2 a new Sub-section 2.2.7 which shall read:

          "2.2.7  Independent  Legal  Counsel  to  Disinterested  Managers.  All
          charges for services and expenses of independent  legal counsel to the
          disinterested  Managers (as defined in the  Investment  Company Act of
          1940, as amended)."

     IN  WITNESS  WHEREOF,  the  Administrator  and the Fund  have  caused  this
Amendment to be executed as of this 20th day of March, 2002.

JACKSON NATIONAL ASSET              JNL VARIABLE FUND V LLC
MANAGEMENT, LLC


By:   /s/ Mark D. Nerud             By:    /s/ Andrew B. Hopping
     ------------------------------      -----------------------------

Name:   Mark D. Nerud               Name:  Andrew B. Hopping
        ---------------------------       ----------------------------

Title:   Chief Financial Officer    Title:  President
        ---------------------------       ----------------------------