This paper gives a characterization of EP r - λ -matrices. Necessary and sufficient conditions are determined for (i) the Moore-Penrose inverse of an EP r - λ -matrix to be an EP r - λ -matrix and (ii) Moore-Penrose inverse of the product of EP r - λ -matrices to be an EP r - λ -matrix. Further, a condition for the generalized inverse of the product of λ -matrices to be a λ -matrix is determined.