Aged in a European oak oloroso sherry hogshead. Orange marmalade and lanolin on the nose, with caramel and candle wax dripped onto old leather. Full-bodied, with slightly bitter orange notes, plus nutmeg and aniseed on the palate. The orange theme persists into the finish as dried-out Jaffa segments, plus edgy oak tannins. A highly individualistic Balvenie.