When pictures are rotated (lossless transformations) according to their EXIF orientation the orientation tag in the thumbnails EXIF info (EXIF group IFD1) is not reset. This can be observed within XnView by scrolling all the way down to the thumbnail section of the EXIF tab of the preview pane.
Regards,
Jochen
PS: Thanks for the great programme


PSS: Using Win XP and XnView v.1.93.1