Macadamia Caramel Bars

1 (14 ounce) can sweetened condensed milk
1 beaten egg
1 cup chopped macadamia nuts
1 cup cold butter
1 firmly packed cup light brown sugar
2 cups unsifted flour
25 unwrapped caramels

Heat oven to 350 degrees F.

In large bowl, combine flour, sugar, and egg, then cut in 1/2 cup butter until crumbly. Stir in nuts. Reserving 2 cups crumb mixture, press remainder firmly on bottom of greased 13 x 9-inch baking pan and bake 15 minutes.

In a heavy saucepan over low heat, melt caramels with sweetened condensed milk and remaining 1/2 cup butter. Pour over prepared crust. Top with reserved crumb mixture. Bake for 20 minutes. Cool.