1/4 c. milk
1/2 c. butter
1/2 c. sugar
1/2 tsp. salt
1 pkg. yeast
1/4 c. lukewarm water
2 eggs
3 c. flour
1/2 c. finely chopped almonds
3 tbsp. cold water
1/4 c. sliced almonds

Scald milk, stir in 1/4 cup butter, 1/4 cup sugar and salt; cool to lukewarm. Sprinkle yeast over water, stir to dissolve. Pour in cooled milk mixture. Beat eggs, reserve 1 tablespoon; beat remaining into yeast mixture. Stir in 2 cups flour until smooth then beat in remaining flour. Place in a greased bowl, cover and let rise until double.

Mix together chopped almonds, remaining 1/4 cup butter, 3 tablespoons of the remaining sugar and 2 tablespoons of the cold water. Punch dough down, knead until smooth and elastic. Roll out into a 20x10 inch rectangle; spread with almond filling almost to edges. Starting at long side, roll up like a jelly roll. Form into a ring on a greased cookie sheet. Cover and let rise until double. Cut slits across top of ring with a sharp knife.

Mix together reserved egg and 1 tablespoon water. Brush over ring and sprinkle with sliced almonds and sugar. Bake in a 375 degree oven 30 minutes or until golden and sounds hollow when tapped. Remove from sheet and cool on rack.