Use a conditional field in the header eg
{IF {Page} <> {Numpages} "Put your watermark here"}
Actually it is not quite that simple as you will have difficulty inserting a
watermark image in the allotted space. The way round it is to save the
watermark as an autotext entry and insert an autotext field thus:
{IF {Page} <> {Numpages} "{Autotext "autotextname"}"}
The image will then appear in every page but the last.
If the document will always have 5 pages then you could use
{IF {Page} < 5 "{Autotext "autotextname"}"}
instead
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Graham Mayor - Word MVP
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