Exporting an Excel instance shows incorrect dates and cell format (4236886)

When executing the following query in the Toad editor (grid display options set to display dates as dd/mm/yyyy):-

select to_date('02/11/2008','DD/MM/YYYY') from dual
union
select to_date('28/09/2009','DD/MM/YYYY') from dual

this returns two rows:-
02/11/2008
28/09/2009

When saving grid as an Excel Instance and when it opens, the cells in spreadsheet are:-
11/02/2008 (<--- wrong date value, but in a date format cell)
28/09/2009 (<--- correct value but in general format cell)

Version is Office/Excel 2003 (SP3).
All Excel locale and Control Panel regional settings are for UK dates in dd/mm/yyyy format.