THAW the pastry sheet at room temperature for 40 minutes or until it’s easy to handle. Heat the oven to 375°F. Lightly grease a baking sheet. Stir the egg and water in a small bowl. Mix the sugar, flour and cinnamon in a medium bowl. Add the apples and raisins and toss to coat.
UNFOLD the pastry sheet on a lightly floured surface. Roll the sheet into a 16x12-inch rectangle. With the short side facing you, spoon the apple mixture onto the bottom half of the pastry to within 1 inch of the edges. Starting at the short side closest to you, roll up like a jelly roll. Place seam-side down on the baking sheet. Tuck ends under to seal. Brush with the egg mixture. Cut several 2-inch long slits 2 inches apart on the top.
BAKE for 35 minutes or until golden. Cool on the baking sheet on a wire rack for 30 minutes. Slice and serve warm. Sprinkle with confectioners' sugar, if desired.