Preheat oven to 375 degrees Fahrenheit.

Lightly grease a cookie sheet.

In a small bowl, combine sugar, softened margarine, and almond paste using a fork. Mix well and set aside.

Unroll the crescent roll dough into two long rectangles.

Overlap the long sides of the rectangles to form one large rectangle.

Firmly press the perforations to seal the dough.

Press or roll out the dough to create a 16x8 inch rectangle.

Cut the rectangle lengthwise into three equal strips.

Place 3 tablespoons of the filling mixture evenly down the center of each strip.

Gently press the filling into a 1 inch wide strip.

Overlap the side of the dough over the filling and firmly pinch the edges to seal.

On the greased cookie sheet, loosely braid the three filled strips together.

Form the braid into a ring and pinch the ends of the strips together to seal.

Brush the ring with beaten egg.

Sprinkle with sugar and sliced almonds.

Bake at 375 degrees Fahrenheit for 15 to 22 minutes, or until golden brown.

Cool for 5 minutes before removing from the cookie sheet.

Serve warm.