It's young Macallan. There's a hint of sulfur (from distillate rather than cask), then wet leather, Brazil nut, muesli, dried pineapple, and raisin; even a little rubber, suggestive of youth. That can't hide the fact that this is a big, deep, oily dram. Water makes it considerably more coherent, showing a substantial, thick palate with some licorice. Ripe, but you can't help feeling that 12 is a little young for this slow-maturing distillate.