One of the posters at Club Lexus managed to get their hands on a scan from some unknown German magazine with a shot of what is purported to be a Lexus IS convertible in light camouflage. The claimed horsepower numbers range from 177 to 423 horsepower, which covers the IS from the entry-level diesel (in Europe) to the Lexus IS-F. larger version of what could be a hardtop convertible Lexus IS below the jump.

It makes sense, given that there's an Audi A4, BWM 3-series and Mercedes C-Class convertible. Why not an IS?
[Club Lexus via The Passionate Pursuit]