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1
Sprinkle yeast over milk in the bowl of a mixer fitted with the dough-hook attachment. Let stand until foamy, about 5 minutes. Sprinkle 2 ounces flour (about 1/2 cup) and 1 tablespoon granulated sugar over top. Cover with plastic, and let stand for 1 hour.
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2
Add remaining 12 ounces flour and 3 tablespoons granulated sugar, the beaten eggs, and the salt. Mix together on medium speed until dough forms a smooth, stiff ball, about 5 minutes. Add butter, 1 tablespoon at a time, mixing well after each addition. Mix dough on medium-high speed for 5 minutes. Reduce speed to low, and add extracts, orange peel, and raisins. Mix until combined.
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3
Turn out dough onto a clean surface, and form into a ball. Transfer to a lightly oiled bowl. Cover with plastic, and refrigerate overnight.
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4
Bring dough to room temperature, and divide in half. Form each half into a ball; place each in a 5 1/4-by-3 3/4-inch paper panettone mold or a small brown paper bag that has been rolled down to about 5 inches. Transfer to a baking sheet. Cover with plastic wrap and let stand in a warm place until doubled in volume, about 2 hours.
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5
Preheat oven to 350 degrees. Lightly beat remaining egg. Brush egg wash onto panettone dough, and sprinkle with pearl sugar and almonds. Bake until golden brown, about 50 minutes.
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6
Remove molds from oven, and run two wooden skewers horizontally through the center of each panettone loaf. Hang loaves upside down by propping ends of each skewer on 2 large heavy canisters or cans. Let cool completely.
