Relevant Product: Exclaimer Cloud - Signatures for Office 365
When replying to a new email received, you want your signature to be appended beneath your reply, with disclaimer text appended at the end of the entire email conversation.
Exclaimer Cloud appends signature/disclaimer content at the end of the sender's reply - it's not possible to define an alternative position within the message.
An alternative approach is to configure a new Office 365 transport rule to define required disclaimer text; this will always be appended at the very end of email conversations. Provided that your new 'disclaimer' transport rule is applied after the existing Exclaimer Cloud transport rule, this will achieve required results.