EX-99.h(4)

                                    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"); and

     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,  the  Managers of the JNL Variable  Fund have  resolved to exclude
from  the  Administration   Agreement  the  compensation  and  expenses  of  the
disinterested  Managers (as defined in the  Investment  Company Act of 1940,  as
amended), effective as of May 16, 2002.

     NOW THEREFORE,  in consideration of the mutual covenants herein  contained,
the parties hereby agree to amend the  Agreement,  effective as of May 16, 2002,
as follows:

1.   Sub-section 2.1.8 of the Administration  Agreement is hereby deleted in its
     entirety.

2.   Section 2.2 of the Administration Agreement is hereby amended replacing the
     period at the end of subsection  2.2.7 with a semi colon,  and by adding to
     the end of Section 2.2 a new Sub-section 2.2.8 which shall read:

          "2.2.8 Managers' Fees and Expenses.  All compensation of Managers, all
          expenses  incurred  in  connection  with such  Managers'  services  as
          Managers,  and all other  expenses  of  meetings  of the  Managers  or
          committees  thereof."

3.   Schedule B is hereby  amended by  replacing Schedule B with the following:

      Funds                                                      Fee

      First Trust/JNL The DowSM Target 10 Fund                  .15%

     IN WITNESS WHEREOF, the Administrator and the JNL Variable Fund have caused
this Amendment to be executed as of this 16th day of May, 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
        ---------------------------       ------------------------------