Error, "Lob parameter should be Input or Output" when running exec command as script in Toad (4226877)

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Error, "Lob parameter should be Input or Output" when running exec command as script in Toad
Description

I'm trying to run the following script below in the Toad editor as a script (F5) and I get the following error:
variable M clob
exec :M := 'a';
print M
Error: Lob parameter should be Input or Output
,
If I run the same script in SQL Plus, it runs the procedure and prints out the script properly to the screen.
Resolution

WORKAROUND:
None.
STATUS:
Waiting for fix to be released in a future version of Toad for Oracle.
Defect ID

ST73239

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