: ( 222ce)
Black descends to the lower edge, securing some points of territory in the lower left corner.

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White plays the hane at the upper edge.

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Black blocks.

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White continues with the Main Semeai, erasing Black's ko threats against her groups at the right side of the board.

If she started the ko fight in the upper left corner "early", by connecting at , she would eventually capture Black's stones there, but Black would be able to achieve independent life with his large group at the right.
The hanezeki would remain untouched, and White would win the game by about 30 points.

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Black also occupies liberties.

He might consider capturing the ko with , but he would be unable to continue in the upper left corner.

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White occupies a Black liberty in the hanezeki.

Please note that this move erases Black's potential ko threats in the hanezeki.

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Black plays his kikashi in the hanezeki in a different order of moves, keeping the Punishment Semeai Liberty Level at seven.

As a matter of course, Black could abandon the Main Semeai - which he will lose anyway - at any time he likes, in order to capture White's stones in the upper left corner with and .

:
White captures Black's five stones at the left edge.

However - as Joachim pointed out - it seems that I was a bit lazy with the order of moves here.
White could also continue the Main Semeai, e.g. with in the upper right. Black would have to occupy White's last outside liberty with , simultaneously taking his cut-off stones in the upper left a decisive liberty.
After the exchange of , at the left edge, White would arm the ko fight by conneting at .

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The time has come to start the ko fight in the upper left corner.

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Black does not have any viable ko threat, so he erases White's in the left centre.

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White turns the approach-move ko into a direct one.

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Black has to answer White's threat, in order to secure a second eye for his group.

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Black connects the hanezeki's tail.

Please note that a move at at the lower edge, instead, does not contain a real threat.
Even if Black reduces White's bottom group to only one eye with thereafter, White's group still has twelve liberties. Black's large group at the right has the same number of liberties, but it would be White's turn. Therefore, even not considering the inderdependencies with the hanezeki (which favour White), Black does not have a chance to win this semeai.

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White kills Black's connected tail group.

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Black recaptures the ko.

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White does not have a really suitable ko threat left...

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Black connects the ko, at least preventing his lower group in the upper right corner from becoming captured.
However, all his groups at the right side of the board are dead.

White will win the game by a very large margin.