The final bottle in the series builds on the Glen Elgin single malt of M&L II by blending in a couple of peaty whiskies. In other words, we’re back in traditional Compass Box territory. And indeed, the nose is as well composed as a typical bottling from the blender: aromas of a sweet, light peat with a menthol tinge mingle with green apples. The taste begins with a silky minty smoke and then takes a turn into crisp, dry and malty flavors. The finish is pleasantly yeasty, like crumpets. Compass Box often weaves magic with peaty elements and doesn’t disappoint here. Indeed, the peat is so transformative that the DNA from the second bottle isn’t immediately obvious, although my notes show it’s there in the fruity nose and the dry flavors on the palate. The transformation might seem remarkable given that the Caol Ila and Highland Park comprise just 15% of the blend but such is the power of peat. This was my favorite of the three after my first tasting of each, only knocked into second place after the complexities of the first bottle became apparent on a repeat tasting a night later. Still, one can’t overlook the other limited edition peated whisky that Compass Box is offering currently, No Name 2. It’s around $20 cheaper and from my brief taste at least as good. So if you have more money, storage space and liver cells than I do, buy M&L I and III and stick No Name 2 in the middle of the sequence. If you can only buy one, the first M&L makes for a unique treat.