That version of Toad is really old. I don't remember the specific cause of this - it may be your combination of Toad version and Excel version, or your system date format. Upgrading Toad should solve the problem, but if that's not an option for you, then your best bet is to either use the "Excel File" format, or maybe you can format the cells back to a date in Excel (if you really want to use the Excel Instance format)
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