Beutel, Goodman & Company as of Dec. 31, 2012

                Beutel, Goodman & Company Ltd.
                        Form 13F Information Table
                                                                                           Form 13F File Number
31-Dec-12                                                                                  28 - 11939

FX:                                 0.9949
                                                      FX Total     Shares Investment Other    Voting Authority
Name of Issuer             Title of Class       CUSIP (x $1000)           Discretion  Mgr.      Sole Shared      None
{C}                                   {C}         {C}      {C}        {C}       {C}    {C}       {C}    {C}       {C}
Agrium Inc.                        Common      8916108  136,803  1,372,853     Sole         1,172,493          200,360
Bank of Nova Scotia                Common     64149107  780,703 13,517,601     Sole        11,344,852        2,172,749
Cameco Corp.                       Common   13321L108   203,137 10,316,537     Sole         8,723,237        1,593,300
CIBC                               Common    136069101  507,784  6,317,299     Sole         5,264,698        1,052,601
CDN National Railway               Common    136375102  355,758  3,918,339     Sole         3,311,419          606,920
Cdn. Natural Resources             Common    136385101  397,120 13,795,212     Sole        11,678,092        2,117,120
CDN Pacific Railway                Common   13645T100   264,782  2,610,823     Sole         2,225,053          385,770
Cenovus Energy Inc.                Common   15135U109   270,573  8,086,297     Sole         6,823,092        1,263,205
Encana                             Common    292505104  155,617  7,875,032     Sole         6,667,982        1,207,050
Magna Intl  Inc.                   Common    559222401  378,155  7,572,994     Sole         6,368,279        1,204,715
Manulife Financial                 Common   56501R106   374,105 27,549,732     Sole        23,112,577        4,437,155
Molson Coors Canada        ExchNonVot CLB    608711206  280,963  6,580,283     Sole         5,446,465        1,133,818
Open Text                          Common    683715106  121,529  2,173,442     Sole         1,863,842          309,600
Potash Corp. of Sask.              Common   73755L107   291,580  7,166,330     Sole         6,084,780        1,081,550
Rogers Communications    Class BNonVoting    775109200  480,896 10,594,407     Sole         8,875,481        1,718,926
Royal Bank CDA                     Common    780087102  678,386 11,271,316     Sole         9,402,427        1,868,889
Talisman Energy Inc                Common   87425E103   213,863 18,913,031     Sole        15,822,197        3,090,834
Teck Resources Ltd.       Class B Sub Vtg    878742204  108,325  2,981,268     Sole         2,553,468          427,800
Thomson Reuters Corp.              Common    884903105  137,116  4,739,982     Sole         4,040,017          699,965
Toronto Dominion Bank              Common   891160509   887,894 10,547,651     Sole         8,807,139        1,740,512

Total                                                 7,025,088